Bitcoin Reclaims $64K After $62. 8K Dip as $108M in Short Liquidations Fuel Rebound
Bitcoin reclaimed the $64,000 mark following a brief flash crash to $62,800, bringing its total July gains to nearly 10%. Key TakeawaysBitcoin reclaimed $64,000 on Tuesday, rallying past a brief flash crash to. . .
Bitcoin reclaimed the $64,000 mark following a brief flash crash to $62,800, bringing its total July gains to nearly 10%. Key TakeawaysBitcoin reclaimed $64,000 on Tuesday, rallying past a brief flash crash to $62,800. Market volatility sparked $145 million in liquidations, wiping out $108 million in short positions. Bitfinex analysts predict future Bitcoin recovery depends tightly on stronger exchange-traded fund inflows. Analysts Eye a Potential FloorBitcoinreclaimed $64,000 on Tuesday, just hours after it dipped to $62,800, maintaining its July upward momentum. Market data shows thecryptocurrencyinitially breached the $64,000 mark late Monday afternoon, threatening to test $64,700. Shortly after hitting a 24-hour peak of $64,657,bitcoinbegan a downtrend that nearly erased the previous day’s gains. Just after midnight, the trend reversed as thecryptocurrencyclimbed back above $63,000. It held above that threshold until 10:30 a. m. , when a brief flash crash dragged it back to $62,800. Volatilitywas on display again as it raced back to $64,140, representing a 24-hour gain of 0. 5% at the time of writing. Exactly seven days into July,bitcoinhas risen by nearly 10%, a remarkable turnaround for an asset that recorded its second-worst June on record. The marginal increase lifted its market capitalization to $1. 28 trillion, helping push thecryptoeconomy’s aggregatemarket capto $2. 28 trillion. Bitcoin’s see-saw price action wiped out $145 million in leveraged positions over a 24-hour window, with short positions accounting for $108 million. Overall, thecryptoeconomy saw $418 million in liquidations, with shorts accounting for almost $240 million of the total. The near-double-digit gains have sparked talk that thecryptocurrencyhas alreadybottomed. This viewpoint is shared by Bitfinex analysts, who point tobitcoin’s quick recovery after it plunged to itsyear-to-date lowof $57,735. “BTC’s quick recovery above $60,000 suggests the move below the prior $58,000 floor may have been a failed breakdown rather than a sustained leg lower,” the analysts said in their latest blog post. “The rebound began before softer employment data lifted broader risk sentiment, indicating that spot demand had started to return at marginal lows. ”Still, they acknowledge that a sustained recovery will likely depend on the return of stronger demand, particularly through renewed exchange-traded fund inflows. However, others are pushing back, insisting thatbitcoinhas not bottomed yet, though it is now close. CryptoYoutuberCryptoRoverwarnedbulls against getting carried away by the July gains. “Thisbitcoinchart should terrify every bull right now,”CryptoRover warned. “The last two times,BTCprinted nine red monthly candles before bottoming. 2026 has seven so far, which means the bottom isn’t in yet. History is getting dangerously close to repeating itself. ”