Bitcoin price gains to $66.3K as range breakout attempt sparks one-month high

Bitcoin (BTC) passed one-month highs connected Tuesday arsenic terms enactment defied the likelihood to apical $66,000.

Key points:

• Bitcoin broke done absorption to deed $66,000 for the archetypal clip successful much than a month.
• Traders spot arsenic overmuch arsenic 6% BTC terms gains if further adjacent upside targets are reached.
• Month-end derivatives positioning underscores crypto hazard assurance dilatory returning.

BTC terms 6% upside could travel “very quickly”: Trader

BTC/USD deed highs of $66,306 connected Bitstamp, according to TradingView data. That’s a level past seen connected June 17.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

A series of rejections astir the $65,000 people had failed to quash traders’ enthusiasm, with calls for $67,000 oregon higher gaining momentum. Those short-term predictions continued connected the day, with cardinal intelligence levels astir $70,000 present connected the horizon.

“$BTC reclaimed the scope lows, and is present pushing higher - arsenic expected,” trader Jelle wrote successful his latest investigation connected X.

“The country betwixt 65 and 67k is absorption from the Q1 range, but fixed however we sliced done it connected the mode down - it mightiness not enactment overmuch of a combat up present either. Eyes connected those 70k scope highs if so.”

BTC/USD one-day chart. Source: Jelle/X

Short liquidations began to equine arsenic the BTC terms broke done scope highs, with information from CoinGlass putting 24-hour cross-crypto liquidations astatine astir $200 million.

BTC/USD vs. crypto liquidations (screenshot). Source: CoinGlass

“$BTC has reclaimed the $65,000 level. The adjacent cardinal absorption is $67,500-$68,000, which means Bitcoin has immoderate country to pump,” trader Ted Pillows said. 

“If BTC manages to reclaim the $68,000 absorption too, it could rally different 5%-6% precise quickly.”

BTC/USDT one-day chart. Source: Ted Pillows/X

Concerns had accompanied the commencement of the latest move, with commentator Exitpump seeing closing abbreviated positions fueling the upside.

“There’s precise small existent buying involvement here,” they warned X followers portion analyzing derivatives markets.

BTC derivatives hint astatine risk-on return

Observing options trends, trading institution and marketplace shaper QCP Capital flagged “some demand” for higher Bitcoin bets into the extremity of July.

Related: Trader maintains $67K BTC terms target: Five things to cognize successful Bitcoin this week

Here, it noted the US Federal Reserve would clasp its adjacent gathering connected interest-rate changes, with seat Kevin Warsh perchance offering caller penetration into aboriginal policy.

As Cointelegraph reported, marketplace expectations stay that the Fed volition permission rates unaltered earlier September. CME Group’s FedWatch Tool shows 83.4% probability that argumentation makers volition instrumentality with the existent people scope of 3.50-3.75% astatine their July 29 meeting. For the Sept. 16 FOMC meeting, there’s a 53.8% probability of a hike to 3.75-4.00%.

“There has been immoderate request for month-end BTC upside,” Monday’s QCP Market Colour analysis said. 

“This positioning leaves dealers abbreviated upside gamma into the 28 to 29 July FOMC meeting, expanding the imaginable for an accelerated determination higher should tensions astir the Strait of Hormuz ease.”

QCP referred to the US-Iran warfare once again closing a cardinal planetary lipid route.