Bitcoin rebounded from an intraday low of $62,653 to cross $64,000, securing a nearly 2% daily gain and pushing its market cap past $1.29 trillion.
Key Takeaways
Bitcoin spiked past $64,000, triggering $220 million in market liquidations amid heavy short squeezes.Strategy distributed common stock sale proceeds toward $4.8B cash reserves and preferred stock actions.MSTR equity holders face value dilution from STRC share buybacks while bitcoin purchases remain frozenDaily market data showed the top cryptocurrency initially trended downward as it tumbled from just over $63,100 to an intraday low of $62,653. However, starting a few hours before midnight, bitcoin reversed course as it kicked off a steady climb that added approximately $1,000 to its value in six hours. It held in the $63,500 range until 10:45 a.m. EST, when a sudden spike saw it breach the $64,000 mark and tap an intraday high of $64,375.
At the time of writing (1:30 p.m. EST), the cryptocurrency was trading above $64,200, translating to daily gains of close to 2%. The increase briefly pushed its market capitalization past the $1.29 trillion mark and turned its weekly gains from negative to plus 0.5%. On the derivatives market, bitcoin’s ascent left short sellers licking their wounds.
Coinglass data showed bitcoin’s 24-hour price action resulted in $57.4 million in liquidated leveraged short positions, compared to $13.3 million in long bets. During the same period, liquidations across the cryptocurrency market reached nearly $220 million, with short bets accounting for approximately $155 million.
That bullish thesis, however, quickly unraveled after Iranian officials refuted reports of an extended truce. With no formal confirmation regarding the status of the ceasefire at the time of writing, bitcoin remains deprived of the macro catalyst needed to sustain a decisive breakout.
