Bitcoin crossed $65,000 for the first time this month on Friday, touching an August peak of $65,340 before settling just below that level. The sharp move triggered $192 million in crypto liquidations, with short sellers accounting for more than half of the forced exits.
The push to $65,340
The rally took shape during Friday trading, pushing the world's largest cryptocurrency to its highest point of the month. The gain was swift, but it didn't hold. By the end of the session, BTC had slipped back under $65,000, still up 0.5% on the day.
$192 million wiped out
Volatility across the market forced out $192 million in leveraged positions, according to data. The figure reflects the scale of the swings, which caught traders on both sides off guard.
Shorts bear the brunt
Of that total, $112 million came from short positions — traders betting on a price drop. They were squeezed as bitcoin rallied, adding fuel to the upward move.
Consolidation below the peak
After hitting $65,340, bitcoin spent the rest of the session consolidating just under $65,000. The pullback was modest, and the asset held most of its gains. The next move depends on whether buyers can defend the $65,000 mark.
