Bitcoin climbed back above $64,000 on Tuesday, hours after a brief flash crash dragged it to $62,800. The swing wiped out $145 million in leveraged positions, including $108 million in shorts, and lifted the coin’s July gain to nearly 10%.
Bitcoin reclaimed $64,000 on Tuesday, just hours after slipping to $62,800, holding on to its July upward momentum. The coin first breached $64,000 late Monday afternoon and hit a 24-hour peak of $64,657 before turning lower and nearly erasing the prior day’s gains.
The trend reversed again just after midnight, when bitcoin climbed back above $63,000. It held there until 10:30 a.m., when a brief flash crash pulled it to $62,800, then raced back to $64,140 for a 24-hour gain of 0.5%.
A near-10% July turnaround
Seven days into July, bitcoin has risen nearly 10%, a turnaround for an asset that recorded its second-worst June on record. The move lifted bitcoin’s market capitalization to $1.28 trillion and helped push the crypto economy’s total to $2.28 trillion.
The see-saw action wiped out $145 million in leveraged positions over 24 hours, with short liquidations accounting for $108 million. Across the crypto market, liquidations reached $418 million, with shorts making up almost $240 million.
Has bitcoin bottomed?
The gains have fueled talk that bitcoin has already bottomed, a view Bitfinex analysts share after pointing to its quick recovery from a year-to-date low of $57,735. Still, they say a sustained recovery will likely depend on renewed demand, particularly through stronger exchange-traded fund inflows.
Others push back. Crypto YouTuber Crypto Rover warned bulls that bitcoin has printed seven red monthly candles in 2026, against the nine it printed before bottoming in the past two cycles, arguing the low may not be in yet.
Source: Bitcoin News
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