Bitcoin Storms Past $64K as Short Sellers Left Reeling

Bitcoin's price surged on Monday as it reclaimed the $64,000 threshold just hours after dipping below $63,000. The cryptocurrency's rebound coincided with Strategy's announcement that it neither sold nor bought new coins in the past week.

The market data showed that Bitcoin initially trended downward, dropping from $63,100 to an intraday low of $62,653. However, starting a few hours before midnight, Bitcoin reversed course and began a steady climb, adding approximately $1,000 to its value in six hours. It held in the $63,500 range until 10:45 a.m. EST, when a sudden spike saw it breach the $64,000 mark.

At the time of writing (1:30 p.m. EST), Bitcoin was trading above $64,200, translating to daily gains of close to 2%. The increase briefly pushed its market capitalization past the $1.29 trillion mark and turned its weekly gains from negative to plus 0.5%. On the derivatives market, Bitcoin's ascent left short sellers licking their wounds.