Bitcoin reclaimed $64,000 on Tuesday, just hours after it dipped to $62,800, maintaining its July upward momentum. Market data indicates that the cryptocurrency initially surpassed the $64,000 threshold late Monday afternoon, posing a potential challenge to reach $64,700. Shortly after reaching a 24-hour high of $64,657, bitcoin commenced a downward trajectory that almost completely negated the gains made the previous day. Just after midnight, the trend reversed as the cryptocurrency climbed back above 63,000. It maintained its position above that threshold until 10:30 a.m., when a sudden flash crash caused it to drop back to $62,800.Volatility was evident once more as it surged to $64,140, reflecting a 24-hour increase of 0.5% at the time of this report.
Exactly seven days into July, bitcoin has risen by nearly 10%, marking a significant recovery for an asset that experienced its second-worst June on record. The marginal increase lifted its market capitalisation to $1.28 trillion, contributing to the crypto economy’s aggregate market cap of $2.28 trillion. Bitcoin’s volatile price movements resulted in the liquidation of $145 million in leveraged positions within a single day, with short positions representing $108 million of that total. Overall, the crypto economy experienced $418 million in liquidations, with short positions representing nearly $240 million of the total.
The near-double-digit gains have ignited discussions suggesting that the cryptocurrency may have already reached its bottom. This viewpoint is echoed by analysts, who highlight bitcoin’s rapid rebound following its decline to a year-to-date low of $57,735. “BTC’s quick recovery above $60,000 suggests that the move below the prior $58,000 floor may have been a failed breakdown rather than a sustained leg lower,” the analysts noted in their latest blog post. The rebound commenced prior to the release of softer employment data, which subsequently enhanced broader risk sentiment, suggesting that spot demand had begun to re-emerge at marginal lows.
Nonetheless, they recognise that a prolonged recovery will probably hinge on the resurgence of robust demand, especially via revitalised inflows into exchange-traded funds. However, others are expressing scepticism, asserting that bitcoin has not yet reached its lowest point, although it is approaching that threshold. Crypto Youtuber cautioned bulls not to become overly exuberant about the gains observed in July. “This bitcoin chart should terrify every bull right now,” Crypto Rover warned. “The last two instances, BTC printed nine consecutive red monthly candles prior to reaching a bottom.” 2026 has recorded seven thus far, indicating that the bottom has not yet been reached. “History is getting dangerously close to repeating itself.”