Bitcoin Price Surges Past $63,800 Amid Derivatives-Driven Short Squeeze

The Bitcoin price has surged above $63,800 as a derivatives-driven short squeeze takes hold of the market.

This sudden rally comes after more than $75.5 million in Bitcoin positions were liquidated over the past 24 hours, with shorts accounting for 65% of the total.

The rebound is also attributed to improving market sentiment and optimism surrounding the proposed ARMA Act.

Analysts are keeping a close eye on the $63,183 support level and the upcoming $64,100 resistance ahead of the U.S. Nonfarm Payrolls report on August 7.