Bitcoin recovered above $64,000 on Aug. 12 after a wave of leveraged-position unwinding pushed it into the $63,200 support zone, with traders now waiting on the July U.S. CPI report. A drop in long-short positioning and continued corporate selling from Strategy framed the pullback, while chart levels point to $64,400 and $65,500 as the next hurdles.
Bitcoin claws back above $64,000
Bitcoin traded near $64,130, up 0.83% on the day after swinging between $63,534 and $64,218. The coin had fallen toward $63,200 earlier in the session as sellers broke the $64,000 level, but buyers stepped in near the lower end of the range and pushed price back above it without breaking the broader consolidation.
The bounce followed a sharp reduction in leveraged exposure. Yahoo Finance reported that Bitcoin's cumulative longs and shorts delta dropped from more than $400 million to $226 million, a decline of roughly $174 million. Separate CoinGlass data showed $174 million in total crypto liquidations over 24 hours, split between $86.21 million in longs and $87.99 million in shorts, with Bitcoin accounting for $32.73 million of the long liquidations and $30.81 million of the shorts.
CPI and corporate selling weigh on sentiment
Geopolitical uncertainty added to the pressure as Iran maintained conditions for reopening the Strait of Hormuz, and investors trimmed risk ahead of the inflation release. A Reuters poll showed economists expecting headline CPI to rise 3.4% from a year earlier, with core CPI forecast to increase 2.5% annually. The Bureau of Labor Statistics scheduled the July report for 8:30 a.m. ET on Aug. 12.
Corporate selling also shaped the backdrop. Strategy's Bitcoin ledger showed the company sold 1,690 BTC for about $109 million at an average price of $64,262 during the week ending Aug. 10, using the proceeds to repurchase preferred shares rather than add to its reserve.
Chart levels point to $64,400 and $65,500
The four-hour chart shows Bitcoin recovering from its lower Bollinger Band at $63,233, still below the middle band at $64,394. A move above that level could open a test of the $65,505 resistance zone, which has rejected several rallies since mid-July.
CoinGlass' three-day liquidation heatmap shows a dense cluster near $63,200–$63,400, matching where the decline stopped, with additional liquidity around $62,700–$63,000. Bitcoin also sits close to the 23.6% Fibonacci retracement at $63,735; holding above it would keep a path toward $67,388 open, while a daily close below could expose $62,000 and the broader $57,800–$60,000 zone.
Source: crypto.news
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