BTC Reclaims $64K as Short Sellers Lose $57.4M in Liquidations

Rapid Intraday Recovery Drives Liquidations

On Monday, bitcoin reclaimed the $64,000 threshold just hours after the cryptocurrency fell below $63,000 and appeared on course to match its Aug. 14 lows. The cryptocurrency’s rebound coincided with Strategy’s announcement that it neither sold nor bought new coins in the past week.

Daily market data showed the top cryptocurrency initially trended downward as it tumbled from just over $63,100 to an intraday low of $62,653. However, starting a few hours before midnight, bitcoin reversed course as it kicked off a steady climb that added approximately $1,000 to its value in six hours. It held in the $63,500 range until 10:45 a.m. EST, when a sudden spike saw it breach the $64,000 mark and tap an intraday high of $64,375.

At the time of writing (1:30 p.m. EST), the cryptocurrency was trading above $64,200, translating to daily gains of close to 2%. The increase briefly pushed its market capitalization past the $1.29 trillion mark and turned its weekly gains from negative to plus 0.5%. On the derivatives market, bitcoin’s ascent left short sellers licking their wounds.

Coinglass data showed bitcoin’s 24-hour price action resulted in $57.4 million in liquidated leveraged short positions, compared to $13.3 million in long bets. During the same period, liquidations across the cryptocurrency market reached nearly $220 million, with short bets accounting for approximately $155 million.