Bitcoin Flat at $64,000 as Crypto Liquidations Hit $153M
Bitcoin is trading sideways near $64,000, a level that will dictate whether the $2 trillion crypto market breaks higher or faces further forced selling.
Bitcoin gained 0.2% over the past 24 hours to trade at $64,162, while Ethereum rose 1%. The broader digital asset space showed limited movement, with the global cryptocurrency market capitalisation edging up 0.1% to reach $2 trillion, according to CoinMarketCap data.
Beneath the flat aggregate performance, the market is experiencing leverage washouts. Crypto liquidations totalled $153 million over the past 24 hours. For market professionals, this level of forced selling in a flat market indicates traders are being squeezed by localized volatility, highlighting the lack of a sustained trend.
Major alternative coins mostly lagged, with BNB, XRP, Solana, Tron, Hyperliquid and Cardano declining by up to 2%. Dogecoin bucked the trend with a 0.4% gain. This divergence suggests speculative capital is rotating out of established alternatives into niche tokens, rather than fueling a broad-based rally.
The immediate price trajectory for Bitcoin hinges on a narrow band of key technical levels. According to analyst Sehgal, a sustained four-hour close above $64,000 is required to trigger a run at the $65,000 to $66,800 resistance zone. However, a break below $62,300 could expose Bitcoin to a drop toward $61,200.
Harish Vatnani, Head of Trade at ZebPay, observed that Bitcoin continues to struggle with the $64,200 mark despite its recovery from lower zones. "The daily RSI sustaining above 50 level, indicating that the broader market sentiment is recovering," Vatnani said.
For institutional investors managing digital asset exposure, the combination of a $2 trillion total market cap, $153 million in daily liquidations, and a neutral momentum indicator signals a market in consolidation. Strict position sizing remains the primary risk management focus until Bitcoin establishes a definitive breakout or breakdown.
