Bitcoin Reclaims $65K as $230M in Liquidations Flip the Market

Bitcoin has reclaimed the $65,000 mark, pulling Ethereum, XRP, and most large altcoins up with it. Fresh US inflation data showed price pressures easing faster than expected, reinforcing market expectations that the Federal Reserve could begin cutting rates later this year.

Liquidations fueled the move

According to CoinGlass, more than $230 million in positions were liquidated over 24 hours — over $123 million in Ethereum and more than $108 million in bitcoin. The cascade of forced short-position closures amplified and accelerated the upward move.

The technical picture looks stronger

Bitcoin reclaimed its 20-day and 50-day exponential moving averages, the RSI moved back above the neutral 50 level, and the asset confirmed a breakout above its descending trendline. The support zone now sits around $63,000-$64,000.

What's next

The next major hurdle is $68,000, where sell-side supply has previously clustered. A decisive close above that level could open the path toward the broader $74,000-$76,000 resistance zone, reinforcing the case that bitcoin has entered a fresh recovery phase.

What this means in practice

A combination of a macro catalyst (cooling inflation) and a technical one (a short-liquidation cascade) is a classic setup for sharp market reversals — it's worth remembering that part of the current move reflects forced position closures rather than purely organic demand, so the pace of the rally could slow once the main liquidation wave runs its course.

This material is for informational purposes only and is not investment advice.