Bitcoin briefly reached $65,000 on Tuesday morning, gaining 0.5% daily and over 2% weekly to push its market cap near $1.3 trillion.
Key Takeaways
Bitcoin reached $65,000 on Tuesday, delivering a 2% weekly gain despite geopolitical risks in the Middle East.Coinglass recorded $56 million in short liquidations, yet analyst data shows strong sell-side resistance at $65,000.Anthony Scaramucci and Glassnode expect a recovery, citing conviction buying around $60,000 since January.Market data show it held above $64,200 until just two hours before midnight, when selling pressure nearly pulled the cryptocurrency below $64,000. A volatile period followed, which saw bitcoin fluctuate between $64,300 and $64,000 for almost 10 hours. Shortly after 9:30 a.m. EST, however, the cryptocurrency surged, adding approximately $1,000 in just one hour to reach $65,000.
Although it lost momentum soon after breaching that mark, dropping to $64,744 at 2:35 p.m. EST, the price action left the cryptocurrency with a daily gain of 0.5% and pushed its weekly gains past 2%. At the time of writing, bitcoin’s market capitalization was nearing $1.3 trillion.
Offering a contrarian perspective, Skybridge Capital founder Anthony Scaramucci argued that the data tells a different story from bearish headlines. While acknowledging that bitcoin is in a clear bear market, he noted that the current drawdown is far milder than those seen in previous cycles.
