Bitcoin reclaimed the $62,000 mark after slipping to $61,300, but the move was a modest 1.5% daily gain. Derivatives liquidations collapsed to $31 million over 24 hours, and observers renewed the debate over whether the asset has bottomed.
Bitcoin steadied near $62,000 on Thursday, and the calm showed up most clearly in the derivatives market: only $31 million in leveraged positions were flushed out over a 24-hour window, a sharp drop from the $180 million recorded the previous day. The tight trading range stifled the volatility that had defined the prior sessions.
Bitcoin grinds inside a narrow range
After sizable gains over the first two days of July, bitcoin consolidated between $61,000 and $62,000 as rising selling pressure capped its momentum. The asset briefly slid to $61,300 and oscillated below $61,600 before a post-midnight rally carried it back above $62,000.
That push reached an intraday high of $62,338 before pulling back. At 12:47 p.m. EST, bitcoin traded at $62,000, a 1.5% daily gain — far weaker than the roughly 3% surges seen on July 1 and 2. The quiet action left bitcoin's market capitalization near $1.24 trillion, keeping the aggregate crypto economy valued at roughly $2.2 trillion.
The debate over whether the bottom is in
The rebound from a year-to-date low of $57,735, recorded Wednesday, revived debate over whether bitcoin has bottomed. The market commentary account Kabukistory noted on X that while the recovery shows resilience, macroeconomic indicators suggest liquidity remains tight, leaving bitcoin vulnerable to sudden shifts in sentiment.
Other analysts argue a true cyclical bottom needs a deeper forced liquidation event. Crypto trader Philarekt pointed to long liquidity stacked near $58,000 and said a drop there could trigger an estimated $2 billion in forced selling. According to Bitcoin News: "Macro bottoms never feel like bottoms; they come after the most aggressive liquidation event of the cycle," Philarekt wrote, adding that further drops to $55,000, $50,000, or even $42,000 remain viable.
Source: Bitcoin News
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