Bitcoin held above $64,500 on Thursday, extending its gain since Aug. 1 to roughly 3% as short liquidations fell more than 10% from the previous day. The advance came even as debate over BIP 110 — which could split the network into two chains — seemed to weigh on sentiment, while a tight $63,000–$66,000 trading range left the next big move undetermined.
Bitcoin briefly approached $65,000 on Thursday and held support above $64,500 despite two intraday pullbacks, including a slide to a 24-hour low of $64,144. The advance puts bitcoin's gain since Aug. 1 at roughly 3%, even as the pace of the rise has slowed this month.
Its market capitalization sits just a few million dollars short of $1.3 trillion. The advance also lifted the broader crypto market toward $2.29 trillion.
Short liquidations drop
In the derivatives market, liquidated short positions totaled more than $30 million, down more than 10% from Wednesday's $35 million reading. Total liquidations across the broader crypto market reached $212 million, split almost evenly between short and long positions.
BIP 110 debate weighs on sentiment
Sentiment seemed weighed down by debate over BIP 110, a proposal that could split the network into two chains. Proponents say the change would prune non-financial spam and cut node costs, while opponents warn of chain-split risk and disruption to Bitcoin's Ordinals and NFT ecosystem.
Some traders see potential upside: those holding bitcoin before a snapshot date would expect an equivalent balance on the split chain, and this expectation often drives pre-fork buying that can support prices ahead of a hard fork. Still, if that buying is driven solely by snapshot eligibility, profit-taking would likely follow once the fork executes.
A narrow trading range
Bitcoin's five-hour chart is consolidating between $63,000 and $66,000, according to Investing.com, with support reinforced by four touches near $63,000 and resistance capping gains at the upper Bollinger band near $66,000. The Average Directional Index reads 17.15, a level below 20 that signals a trendless market and could delay a decisive breakout in either direction.
Sources: Bitcoin.com News, Investing.com
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