Bitcoin, the leading cryptocurrency by market capitalization, has managed to reclaim the $64,000 level, according to data provided by CoinGecko.
After paring some gains, it is currently changing hands at $63,802 on the Bitstamp exchange.
Nearly $67 million worth of short positions have been liquidated over the past four hours alone, according to CoinGlass data.
Mushumir ButtEven though Bitcoin has recorded impressive gains, the bulls do not appear to be in control just yet. Last week, popular trader DonAlt predicted that the bulls would need to reclaim $65,000 to be back in the driver's seat.
The cryptocurrency is still down more than 13% from its record high that was achieved in March.
If Bitcoin fails to pull off a decisive breakout, it is on track to record its longest streak of range-bound trading.
Will there be a decisive move?
As reported by U.Today, Peter Brandt, one of the most reported commodity traders, recently warned that the price of the bellwether cryptocurrency might endure another devastating crash. He pointed to the fact that the bulls failed to pull off another record high within 30 weeks after reaching the current all-time high of about $74,00. Historically, this would spell serious trouble for the bulls.
Still, Polymarket bettors see a 63% chance of Bitcoin reaching a new all-time high this year. This marks the strongest sentiment since late September.
Multiple influential voices, such as Mike Novogratz of Galaxy Digital, have predicted that the price of the leading cryptocurrency could potentially climb all the way to the coveted $100,000 level. However, the bulls have so far struggled to gain a footing above the pivotal $70,000 level.
Tomiwabold Olajide
Dan Burgin
U.Today Editorial Team
Vladislav Sopov