Bitcoin touches $65,000, $56 million in leveraged short positions liquidated

Odaily News: Bitcoin briefly touched $65,000 on Tuesday, up 0.5% on the day and gaining more than 2% over the week, with a market cap approaching $1.3 trillion. Earlier, Bitcoin was hovering above $64,000 before rallying about $1,000 to $65,000 within an hour. Market data shows significant selling pressure near the $65,000 level.

Data from crypto analytics platform Coinglass shows that Bitcoin's volatility over the past 24 hours led to $56 million in leveraged short positions being liquidated, along with an additional $4 million in long positions. Across the broader market during the same period, total long position liquidations amounted to $108 million.

Skybridge Capital founder Anthony Scaramucci stated that Bitcoin is currently in a bear market, but this drawdown of approximately 55% is shallower than the 75% to 80% seen in previous cycles, suggesting some buyers have already positioned for the next leg up. Blockchain analytics platform Glassnode noted that strong hands are accumulating Bitcoin, with conviction buyers recording the largest increase in holdings when prices fell to $60,000 in January this year. (Bitcoin.com News)