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Bitcoin Price USD Rises Above $63,800 as Short Squeeze Fuels Rally
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
Bitcoin price USD climbed 1.71% to around $63,818, outperforming the broader crypto market as a derivatives-driven short squeeze forced traders to cover bearish positions. More than $75.5 million in Bitcoin positions were liquidated over the past 24 hours, with shorts accounting for 65% of the total. The rebound was also supported by improving market sentiment and optimism around the proposed ARMA Act. Analysts are watching the $63,183 support level, with $64,100 as the next key resistance ahead of the U.S. Nonfarm Payrolls report on August 7.
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