Bitcoin Climbs Past $65k as Traders Grab the $58k Dip

Friday’s Rally

• Bitcoin closed above $65,000, an 11% gain from its 15-month low below $60,000.
• Traders are now buying at the $58,000 support level.

Thursday’s Volatility

• Bitcoin lost $1.1 billion in long positions but recovered quickly.
• Total liquidations neared $2.6 billion, with Bitcoin accounting for $1.1 billion.

Binance’s SAFU Move

• Binance’s Secure Asset Fund for Users (SAFU) added 3,600 BTC at $65,000 each.
• This brings their stake to $250 million, part of a $1 billion plan to invest in Bitcoin over the next month.

Crypto Hedge Funds

• Global crypto hedge-fund beta hit a two-year high.
• Record ETF volumes and moderate net outflows signaled strong buying by U.S.-based spot Bitcoin ETFs.

Technical Analysis

• The $58,000 area is near the 200-day simple moving average, a key technical anchor.
• A rally could form a “wick,” signaling further support and possible new highs.

Market Outlook

• Bitcoin is testing previous cycle highs.
• Traders watch if the $58-$62 range holds or slides back, which could set the stage for next week’s momentum.