Bitcoin Holds $64,500 Support As Short Traders Get Squeezed

Bitcoin pushed close to the $65,000 mark on Thursday, holding strong support above $64,500. Even though prices saw minor intraday dips down to $64,144, the leading cryptocurrency managed to keep its upward momentum intact. Overall, Bitcoin has posted about three percent in gains since the start of August.

This steady climb comes alongside a noticeable drop in short liquidations. When prices hold firm instead of crashing, traders who bet against the market often have to buy back their positions. This dynamic usually helps put a floor under the price and keeps sudden sell offs from happening.

Traders are now watching to see if Bitcoin can break past the psychological $65,000 resistance level. Sustained volume above this area could invite more buyers into the market and push prices higher before the weekend kicks in.