More than $215 million in leveraged crypto positions were liquidated over the last 24 hours, with short sellers accounting for the majority of losses.
- Bitcoin climbed above $64,400 on Friday, extending its recovery to roughly 10% from lows below $58,000 earlier this month.
- Cryptocurrency analysts identified $65,000 as the next major resistance level, with a breakout potentially opening the door to $67,000 and higher.
- The broader cryptocurrency market gained about 1.4% in the last 24 hours, while Ethereum, XRP, Dogecoin, and Solana all traded higher.
Bitcoin (BTC) led the cryptocurrency market higher on Friday morning, climbing to over $64,400 from lows of under $58,000 earlier this month and marking a 10% recovery.
Analysts were watching to see if the apex cryptocurrency would be able to break past $65,000 and continue its uptrend. Bitcoin’s price climbed around 2.5% in the last 24 hours, with retail sentiment around the apex cryptocurrency on Stocktwits trending in ‘bullish’ territory over the past day, accompanied by ‘normal’ levels of chatter. It was among the top trending tickers on the platform at the time of writing.
Analysts Watch The Next Breakout Level For Bitcoin
Sniper Trading founder Sheldon Diedericks said momentum is starting to shift bullish on BTC, pointing to a daily trend breakout in play. "1st step is to see a daily close above trend, 2nd is to see a new daily high above $65K. There is then a short squeeze to $67K," he wrote on X.
Market analyst Heisenberg struck a similarly constructive tone, though stopped short of calling a bottom. "We might have something here for a near-term trade higher. Not saying we have seen THE bottom, but in the interim, starting to look constructive," he said, adding that $70,000 is "on deck" if a key trendline breaks.
Quantitative trader KillaXBT offered a more technical read, noting Bitcoin is showing a more “impulsive” structure than a corrective one, having established a higher low around $61,500. "Based on the current PA, a break and reclaim of the 64.7K highs would likely open the door for a move into the 65.5K–66K region," the trader said, while flagging a seasonal warning. They noted that during past bear market years, July has often been the month Bitcoin forms a lower high.
One retail trader on Stocktwits forecast that Bitcoin could cross $67,000 by the time the market opens on Friday.
Another investor forecast that Bitcoin's price would rally to over $70,000 by next week.
Crypto Stocks Join Bitcoin's Rally
The overall cryptocurrency market gained 1.4% in the last 24 hours, climbing above a market capitalization of $2.2 trillion. Ethereum (ETH), Ripple’s native token (XRP), and meme coin Dogecoin (DOGE) recorded an uptick of around 2.1% each over the past day. Solana (SOL) gained 1.5%, while Tron (TRX) lagged the market among the top 10 cryptocurrencies by market capitalization, edging lower by 0.3%.
CoinGlass data showed over $215 million leveraged bets on cryptocurrency were liquidated in the last 24 hours, with short positions accounting for around $163 million. Nearly $100 million of the bets to go underwater were on Bitcoin alone.
Crypto-linked equities moved higher in pre-market trade as well, with Strategy (MSTR) and Strive Asset Management (ASST) – two of the biggest corporate Bitcoin treasuries in the US – clocked gains of around 5% each. Retail sentiment around both MSTR’s stock and ASST shares trended in ‘bullish’ territory over the past day.
Ethereum treasuries Bitmine (BMNR) and Sharplink (SBET) gained over 3% each. Retail sentiment around BMNR’s stock trended in ‘bullish’ territory over the past day, while sentiment around SBET’s stock trended in ‘extremely bullish’ territory. Robinhood (HOOD) and Coinbase Global (COIN) saw a similar uptick of 3%. However, retail sentiment around HOOD’s stock only moved higher to ‘neutral’ from ‘bearish’ territory over the past day, while sentiment around COIN’s stock stayed in the ‘bearish’ zone.
Read also: Oil Price Surge Tests Bitcoin’s Bottoming Process Amid Multi-Million Dollar Capital Flush
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