Bitcoin Hits $65,000 as Short Squeeze Liquidates Bears

Bitcoin briefly reached $65,000 on Tuesday morning, gaining about half a percent on the day and pushing its weekly gains past two percent. This upward push brought its total market capitalization very close to the $1.3 trillion mark.

The price jump caught many bearish traders off guard. Market data shows that the move resulted in roughly $56 million worth of short positions getting wiped out as prices ticked upward.

This bullish momentum arrived even as geopolitical tensions in the Middle East entered a critical phase. Traders are watching closely to see if Bitcoin can hold these higher levels or if broader macro news will spark another shift in direction.