Bitcoin crossed back above $64,000 on Monday, erasing an early slide that had taken it to $62,653. The recovery, worth nearly 2% on the day, also pushed the cryptocurrency's market cap past $1.29 trillion.
The early dip
Earlier in the session, Bitcoin fell below $63,000, and the decline looked set to match the Aug. 14 lows. The selling didn't last. The price bottomed out at $62,653 and turned higher, climbing back through $64,000 within a few hours. The move wiped out the earlier losses and put Bitcoin in positive territory for the day.
Short sellers squeezed
The reversal hit leveraged bears hard. Liquidations of short positions reached $57.4 million, according to data. That's a meaningful single-day sum, and it shows how quickly the market can turn when a dip gets bought up.
Market cap milestone
With the move above $64,000, Bitcoin's market cap climbed back above $1.29 trillion. The level had been within reach before the dip, and the recovery puts it back in the spotlight. The bounce also erased the bearish signal from the early slide, leaving traders to assess whether the $64,000 level can hold.
