Bitcoin Price Nears $64k Amid Short Liquidations and Low Fork Adoption

Bitcoin's (BTC) price has been on the rise, nearing $64,000 in value. The immediate resistance levels sit around $68,000 to $70,000, while support is found near $61,000. In the event of a further decline, potential downside levels include $57,000, $53,000, and $49,000, with an even lower level at $44,000.

Bitcoin's spot exchange-traded products (ETPs) have seen net outflows in late May and June. However, futures open interest has stabilized and turned positive. The options put-call ratio rose by August 1, indicating a growing demand for downside protection.

In the past 24 hours, there have been significant short liquidations in Bitcoin vs US Dollar Spot CFD (BTCUSD), totaling around $113 million out of over $160 million total crypto liquidations. A proposed BIP-110 fork has gained only about 2.6% miner signaling, suggesting low adoption.