Bitcoin reclaims $64K after $62.8K flash crash

Bitcoin reclaimed $64,000 on Tuesday after a brief flash crash to $62,800, as exchanges recorded roughly $108 million in short liquidations during a volatile 24-hour session.

The token first cleared $64,000 late Monday and hit a 24-hour high near $64,657 before sliding lower. It recovered above $63,000 shortly after midnight, held that level until about 10:30 a.m., then dropped to $62,800 in a sudden move. The price later rallied to about $64,140, a 24-hour gain of roughly 0.5% at the time of reporting. Through the first seven days of July, bitcoin has risen nearly 10%.

Exchange data show about $145 million in leveraged positions were liquidated over the 24-hour window, with $108 million coming from short positions. Across the wider crypto market, liquidations totaled roughly $418 million, of which shorts made up nearly $240 million. Traders and exchanges noted that forced buy covers and automated sell orders contributed to the rapid price swings.

The return above $64,000 lifted bitcoin’s market capitalization to about $1.28 trillion and pushed total crypto market value to around $2.28 trillion. The token’s year-to-date low was $57,735 earlier this month. Analysts have identified inflows into spot exchange-traded funds as a key factor that could influence further price direction.

Bitfinex analysts wrote that the quick recovery above $60,000 suggests the earlier move below a $58,000 floor may have been a failed breakdown rather than the start of a sustained decline. They noted the rebound began before softer employment data affected broader risk sentiment and added that a sustained recovery will likely depend on renewed ETF inflows.

A market commentator using the name Crypto Rover warned that historical patterns could argue against an immediate bottom. The commentator wrote: “This bitcoin chart should terrify every bull right now. The last two times, BTC printed nine red monthly candles before bottoming. 2026 has seven so far, which means the bottom isn’t in yet. History is getting dangerously close to repeating itself.”

Market participants said they will monitor spot ETF flows, macroeconomic data and on-chain indicators for clearer signs of continued demand.