Bitcoin Breaks Above $66,000, Hits One-Month High

Bitcoin pushed past $66,000 on Tuesday, reaching its highest level in more than a month as traders eye further gains toward the $70,000 mark.

Price Breaks Through Key Resistance

$BTC touched a high of $66,306, a level not seen since June 17. The move came after several failed attempts to break decisively above $65,000 in recent sessions. Bitcoin had reclaimed the lower end of its recent trading range and was pushing higher as expected, adding that the $65,000 to $67,000 zone, though it acted as resistance during the first quarter, might not hold up strongly given how quickly price moved through it on the way down.

Short Sellers Feel the Squeeze

As Bitcoin broke through range highs, short positions across the crypto market began unwinding, with data from CoinGlass showing roughly $200 million in liquidations over 24 hours. Trader Ted Pillows pointed to $67,500 to $68,000 as the next major resistance zone, suggesting a break above that range could trigger another 5% to 6% rally in short order.

Not everyone was convinced the move reflected genuine demand, however, with commentator Exitpump cautioning that real buying interest appeared limited and that closing short positions were driving much of the upside.

Derivatives Data Points to Rising Risk Appetite

Modest demand for bullish Bitcoin positioning heading into month end, noting that dealers are positioned short on upside volatility ahead of the Federal Reserve’s July 28-29 meeting. That setup could amplify any rally if geopolitical tensions around the Strait of Hormuz ease. Markets currently assign an 83.4% probability that the Fed holds rates steady at its July meeting, according to CME Group’s FedWatch Tool, with a 53.8% chance of a rate hike by the September meeting.