Bitcoin Poised to Break Above $65K in Quest for $75K

Bitcoin is stuck near a critical resistance zone at $65,000 and traders are watching to see if it can break above this level and gain momentum towards $75,000 by the end of the third quarter.

Leveraged positioning creates downside risks, while macroeconomic conditions and continued institutional demand are bolstering the bulls. A large amount of leverage activity is building up in the $64,000-$65,000 area, increasing the risk of sharp price movements.

If Bitcoin rises above this threshold, a short squeeze could occur as big short sellers may be forced to buy back their positions, further fueling the rally.