Browsing: trap

The crypto market extended its surge into the third day; as usual, short sellers took a hit, with $1.24 billion of short positions liquidated in 24 hours.

On Wednesday, Bitcoin broke above $65,000 and has since rallied to about $73,856. Key drivers included US Treasury bond buybacks, White House regulatory support, and a massive short squeeze.

Bitcoin USD trades near $63,500 as of August 18, up roughly +1% on the day after bouncing off an intraday low of $62,751, according to data from CoinGecko. The recovery pushed price above the 78.6% Fibonacci retracement at $63,152 and left BTC near the $65,000 resistance area.

Bitcoin price rose nearly 2% to reclaim $64,000 on Aug. 17, but weak daily momentum and unusually compressed volatility leave the next major move uncertain.