Bitcoin briefly hit $64,020 before retreating near $62,000 as short-led liquidations mounted, open interest rose 1.93%, and traders weighed Iran-related geopolitical risk alongside signals of lower sell-side pressure.
Bitcoin briefly climbed to $64,020 on Monday before retreating to around $62,000, while Ethereum remained near $1,800 as traders weighed geopolitical risk tied to Iran against selling pressure from large corporate Bitcoin treasuries. Crypto derivatives liquidations totaled about $210 million over the past 24 hours, according to CoinGlass data cited by PANews on Aug. 5, including $67.3778 million in long liquidations and $142 million in short liquidations; Bitcoin accounted for about $50.0593 million and Ethereum about $19.6791 million. Bitcoin open interest, the total value of outstanding derivatives bets, rose 1.93%, a combination that can signal long buildup as new buyers enter the market. CryptoQuant said Bitcoin’s Adaptive Sell-side Risk Ratio has fallen to levels historically associated with accumulation phases, while cautioning that this does not confirm a local bottom.