Key conclusions
- On July 10, Bitcoin rose to $64,653, recovering losses from tensions in the Middle East.
- The sudden rally resulted in a whopping $170 million in short liquidations across the entire crypto market.
- The Bitunix analyst warns that the macro trend of Bitcoin relies on holding the critical level of $64,000.
Bitcoin erases geopolitical losses
on friday bitcoin topped $64,000, completely erasing midweek losses caused by a sudden geopolitical escalation in the Middle East. After trading just under $62,800 Thursday afternoon cryptocurrency climbed steadily and reached an intraday peak of $64,653 just after 9:50 AM EST.
While it has dipped just below the $64,000 mark at the time of writing (12:35 AM EST), bitcoin still delivered a 2% gain on July 10, pushing its market cap above $1.28 trillion. This rally raised wider crypto market capitalization to $2.28 trillion — an increase of 1.5% in 24 hours.
A sudden rise caught him bears caught traders by surprise, triggering short liquidations of $96 million compared to leveraged longs of just $13 million. In width crypto market, a whopping $236.50 million in positions were wiped out, with short liquidations accounting for nearly $170 million of the total.
There was a tense lull in the region after 48 hours of intense US bombardment, which observers described as some of the heaviest since the conflict began. However, experts warn that this pause in kinetic actions is only a prelude to further escalation. The main trigger remains unresolved as Washington and Tehran remain deadlocked over fundamentally incompatible interpretations of maritime sovereignty and security protocols in the Strait of Hormuz, as spelled out in the memorandum of understanding.
As such, the continued uncertainty surrounding this critical trade artery is expected to put sustained pressure on global markets, forcing investors to continually assess supply chain disruptions and energy prices. volatility.
Meanwhile, the latest Bitunix Analyst report claims this bitcoinA retracement of the $64,000 resistance level puts it at a critical moment. A sustained break above this threshold could signal a resurgence in risk appetite and unlock further upside momentum. Conversely, failure to protect the $64,000 could trigger immediate profit-taking and trigger a short-term recovery volatility.
While cryptocurrency‘s recent recovery reflects stabilizing market confidence, analysts stress that the broader trend remains closely linked to macro liquidity conditions and broader investor positioning.
