Bitcoin has successfully reclaimed the $64,000 level for the first time since June 2, marking the end of a 78-day wait from its previous peak. According to reports, the cryptocurrency briefly tested this significant psychological level today, representing a substantial recovery from its position below $64,000 just two days ago and near $62,000 in early July. The move has been attributed to President Trump's remarks about potential government Bitcoin purchases, which provided the second engine of the day's rally following the Fed's July minutes release. As reported, Bitcoin pushed above $64,000 on Monday even as the S&P 500 slipped, and the next session took price across $65,000 in intraday trading for the first time in more than a week, up 1.7% in 24 hours before easing back toward $64,700.
Wall Street institutions are increasingly pointing to Bitcoin accumulation signals, with VanEck's researchers finding that eight of the twelve signals in their Bitcoin Capitulation Check are currently flashing, and that all twelve dropped into the capitulation zone at some point over the past three months. The firm's conclusion was that the market has witnessed what appears to be Bitcoin price capitulation and is nearing or currently in an accumulation phase. BlackRock's research points to crypto-specific leverage, slowing institutional inflows and selling from large holders as the main drivers of Bitcoin's decline, with speculative positioning reaching extreme levels in October 2025 when Bitcoin futures open interest was above $90 billion. The 30-day apparent spot demand indicator from CryptoQuant has recovered from -206,000 BTC on July 23 to roughly -5,000 BTC, putting it at the point of turning positive for the first time since February 26, 2026.
The Bitcoin rally has created significant market movements, with crypto shorts losing $1.23 billion in a single hour as the price surged toward $70,000. According to reports, one major whale on Hyperliquid lost an entire 1,800 BTC short position worth approximately $117 million. The move has been supported by the Treasury's announcement to double its long-end debt buybacks to at least $4 billion per operation, which has helped reduce the 30-year yield from 5.337%, its highest level since 2007. At current levels, Bitcoin trades about 44% below its record of $126,080 set in October, though the reclaim breaks this year's pattern where gold outperformed Bitcoin with a 33% gain while BTC fell 46%. The technical structure shows RSI on the daily sits at 52.86 and has just crossed back above its own moving average at 49.37, with traders watching the $66,803 level as the key resistance for breaking the range toward the 200-day EMA at $71,448.
The Federal Reserve's July minutes provided no resistance to the Bitcoin rally, with the central bank showing no hawkish push beyond the three known dissenters despite inflation remaining elevated. As reported, September hike odds have slipped to 34%, and the dollar has weakened following the Fed's measured stance. The macro backdrop remains challenging with the 30-year US Treasury yield climbing to 5.31%, its highest level since June 2007, and Japan's 30-year yield hitting a record 4.05%. The combination of falling yields, a quiet Fed, and Trump's musings about Bitcoin purchases has created a potent mix that has supported the cryptocurrency's recovery. Bitcoin topped out at $70,000 on Binance and $70,022 on Coinbase as of the latest reporting, with the sustainability of these levels dependent on whether Trump's words carry real weight in the market.
Large holders have shown renewed interest in Bitcoin accumulation, with large holders adding about 43,000 BTC over the past 60 days, worth roughly $2.75 billion at current prices according to CryptoQuant. The cohort recommitted when Bitcoin started trading around $60,000, with wallets holding more than 10,000 BTC accumulating 46,420 BTC in the same 60-day window - the strongest whale buying since March 2026. However, smaller retail holders sold nearly 10,000 BTC over the same period, creating a divergence pattern that historically shows up near cycle lows rather than near tops. Bloomberg reports flagged concerns about the loss of retail participation, with August spot volumes the lowest for that month since August 2021, though accumulation on thin volume still represents genuine buying interest.
