Bitcoin Holds Above $64,500 as Short Liquidations Drop

Bitcoin held above $64,500 on Thursday after intraday lows reached $64,144 and short liquidations fell to roughly $30 million. The total crypto market capitalization approached $2.29 trillion.

The coin recorded two notable pullbacks. An early-session decline between 9 p.m. and midnight pushed prices toward $64,480. Bitcoin later rallied past $64,900 by 1:30 a.m. EST, then dropped to a 24-hour low of $64,144 after 8 a.m. and rebounded above $64,800. The asset was roughly 0.2% higher for the day.

Since Aug. 1, bitcoin’s U.S. dollar value has risen by more than $2,000, roughly a 3% gain. Bitcoin’s market capitalization stood just under $1.3 trillion, helping lift the broader crypto market cap close to $2.29 trillion.

In derivatives markets, liquidated short positions on bitcoin totaled just over $30 million, down from about $35 million the previous day. Total liquidations across the crypto market reached $212 million, split nearly evenly between short and long positions.

Trading activity was affected by debate over BIP 110 and the possibility of a two-chain fork. Supporters of the proposal say it would reduce non-financial spam transactions, lower node operating costs and keep the network focused on monetary use. Opponents warn the change could cause a chain split, enable protocol-level censorship and disrupt inscriptions and non-fungible token ecosystems. Social platforms showed divided opinion on the measure.

Discussion of a potential fork encouraged pre-fork buying because holders at a designated snapshot could be entitled to any token issued on a split chain. That demand can create temporary price support. If buying is driven mainly by snapshot eligibility, profit-taking after a fork could produce short-term pullbacks.

Other factors cited by market participants included debate over the CLARITY Act and geopolitical tensions in the Middle East, which contributed to recent uncertainty and intraday volatility on major exchanges.

Derivatives liquidations were lower and the broader market cap remained near $2.29 trillion. Bitcoin posted modest month-to-date gains and continued to experience short-term price swings amid technical debates and trader positioning.