Bitcoin rises to $66.3K after range breakout

Bitcoin climbed to $66,306 on Tuesday, the highest level since June 17, after breaking above resistance near $65,000. Prices rose after late buying pushed through a range that had produced several rejections earlier in July.

Traders set short-term targets between $67,000 and $70,000. One-hour and daily charts show Bitcoin moving above the quarter’s lower range and testing higher resistance levels.

Short-covering added upward pressure. Data provider CoinGlass recorded roughly $200 million in cross-crypto liquidations over 24 hours as the price passed range highs, indicating some traders with short positions were forced to close.

Analyst Jelle wrote that Bitcoin had reclaimed the range lows and was pushing higher, identifying the 65,000–67,000 area as resistance that might not hold. He pointed to the $70,000 range highs as the next area of interest. Trader Ted Pillows flagged resistance around $67,500–$68,000 and suggested that reclaiming $68,000 could allow a further 5%–6% gain.

Commentator Exitpump argued short position closures were a key driver of the rally and added that buying interest appeared limited. Market participants said some of the upward momentum came from derivatives flows rather than fresh, long-biased demand.

Options and futures activity showed increased demand for higher-strike Bitcoin bets into the end of July. Trading firm QCP Capital reported dealers were positioned short upside gamma into the July 28–29 Federal Reserve meeting, a setup that can amplify moves if volatility rises or if geopolitical tensions ease. QCP also cited renewed disruptions around the Strait of Hormuz as a potential market factor.

Market pricing currently favors no change to U.S. interest rates at the late-July Federal Open Market Committee meeting. CME Group’s FedWatch tool showed an 83.4% probability policymakers will keep the target range at 3.50%–3.75% at the July meeting and a 53.8% probability of a rate increase by the Sept. 16 meeting.

Bitcoin’s rise to a one-month high followed a period of consolidation and repeated rejections near key levels. Intraday price action and derivatives positioning were factors market participants cited when adjusting price targets.