Bitcoin Breaks Through One-Month High on Strengthening Momentum

Bitcoin surged to $66,306 on Bitstamp, marking its first time above $66,000 in over a month. This move has been accompanied by strengthening short-term momentum and is drawing in traders who were previously watching for confirmation through nearby resistance.

According to CoinGlass data, there have been roughly $200 million in cross-crypto liquidations over the past 24 hours as the breakout accelerated. QCP Capital observed 'some demand' for higher Bitcoin options pricing into late July, implying dealers may be positioned in a way that can amplify upward moves.

One widely followed market commentator, trader Jelle, wrote on X that BTC had 'reclaimed the range lows' and was 'now pushing higher.' If BTC manages to reclaim the $68,000 level, it could rally another 5%-6% very quickly, according to Ted Pillows.