Bitcoin pushed toward $65,000 on Thursday, touching the level briefly before slipping back. The asset held support above $64,500 even as intraday pullbacks reached $64,144. The move extends a slow grind higher since Aug. 1, with prices up roughly 3% over that stretch.
Support holds at $64,500
Thursday's session saw bitcoin dip to $64,144 at one point, but buyers stepped in to keep the price above the $64,500 mark. That's a level traders have been watching for the past few days, and so far it's held. The brief flirtation with $65,000 came and went, but the asset didn't fall apart. Instead, it settled into a tight range, with the day's low now looking like a foothold rather than a breakdown.
Short liquidations cool off
The recent price action has coincided with a drop in short liquidations, though the exact numbers weren't immediately available. The trend is notable because it suggests the selling pressure that pushed bitcoin down earlier this week may be easing. When shorts get squeezed, prices can move fast, but the lack of a sharp spike in liquidations here points to a more measured rally. That's not the kind of move that grabs headlines, but it's the kind that builds a base.
Slow grind since Aug. 1
Bitcoin's gains since the start of the month have been steady rather than spectacular. A 3% advance over five days isn't the stuff of a parabolic breakout, but it's enough to keep the momentum going. The intraday dips have been shallow, and each one has been bought. That's a sign of conviction, or at least a lack of panic sellers. Whether that holds will depend on whether bitcoin can finally close above the $65,000 mark, a level that's acted as a magnet all day.
For now, the path of least resistance looks upward, but the market has a way of humbling traders who get too confident. The coming sessions will show if $65,000 becomes a springboard or a ceiling.
