Bitcoin Bulls Drive Price Surge, Encounter Strong Resistance at $64K
Bitcoin surged to an intraday high of $63,794 on Monday, marking a 2% gain against the U.S. dollar within the past 24 hours. Currently, BTC is trading at $63,070 per unit. This upward movement triggered significant activity in the crypto market, resulting in $124.64 million in liquidations for both long and short positions, with bitcoin shorts alone totaling $49.85 million.
The climb in Bitcoin’s value against the dollar was notable throughout the day, peaking at $63,794 by 2 p.m. EDT before encountering strong resistance. Overall, the crypto market saw a substantial uptick in trading activity, with $72.56 billion exchanged, indicating a 54.07% increase over the previous 24 hours. Bitcoin transactions accounted for approximately 38.21% of this total, amounting to $27.73 million.
According to cryptoquant.com’s premium metrics for South Korea, Bitcoin has maintained a consistent premium ranging from 1.8% to 1.5% since June 28th. At Upbit, Bitcoin is trading at $64,174, while the global average sits at $63,070. As of July 1st, Upbit and Bithumb are showing a premium of about 1.75%. The day’s oscillators and moving averages indicate a bullish trend in the market.
Derivatives market metrics from coinglass.com show significant liquidations totaling $124.64 million across the crypto market. Bitcoin shorts took a hit with $49.85 million liquidated, while Ethereum (ETH) shorts saw $27.17 million and Solana (SOL) shorts amounted to $6.75 million being wiped out.
The largest single liquidation occurred on Binance, where a BTC/USD position liquidation wiped out $4.39 million. Over the past 24 hours, a total of 37,533 traders across the crypto market faced liquidations. After dropping to a low of $63,070 per BTC, the leading cryptocurrency bounced back to $63,265 by 4 p.m. EDT, hinting at the formation of a $63K support level. Whether Bitcoin holds this support or continues its ascent remains uncertain.
