Bitcoin Tries to Break Above $65K, Eyes $70K as Next Target
Bitcoin has been hovering around $65,000 for four days now, without any significant surge in buying activity. Despite this, there's no strong sell-off, suggesting a buildup of short positions above this level.
The absence of selling pressure is likely due to investors' fears being exaggerated, as the market is showing signs of bottoming out, according to Japan's Metaplanet, which holds 43,000 BTC in its reserves.
Meanwhile, MARA Holdings, the largest US mining company, reported a net loss of $611.3 million for Q2, citing the decline in Bitcoin's price as the main reason.
Trading volume in perpetual futures on centralised crypto exchanges (CEXs) and decentralised exchanges (DEXs) also fell to their lowest levels since December 2023 and June 2025, respectively.