Bitcoin Rebounds Above $64,000 as Short Squeezes and ETF Inflows Fuel Recovery

Bitcoin reclaimed $64,000 as it rebounded from its June lows, fueled by short squeezes and inflows into exchange-traded funds. The world's largest cryptocurrency traded at $64,033.85, up 0.76% over the prior 24 hours and 6.27% higher on the week.

The surge followed a violent decline in late June that left Bitcoin below $60,000 for a full week. However, as price pushed above $62,000, over $450 million in short liquidations triggered mechanical buying pressure, creating a feedback loop that accelerated the move higher.

Spot ETFs saw a $221.72 million net inflow on July 2, ending a 10-day outflow streak that had drained $2.7 billion from the funds. The turnaround follows a record-breaking June exodus of $4.5 billion from Bitcoin ETFs.