Bitcoin reached a one-week high of $64,550 on Bitstamp during a 3% rally on Monday, driven by a short squeeze. Short liquidations totaled 637 BTC on Monday, the highest single-day figure since July 21. Analytics firm CryptoQuant described the move as a ‘low-volume liquidity trap,’ with funding rates between exchanges diverging sharply before the rebound. Spot demand remains absent and flows into US Bitcoin ETFs are steady, limiting the prospects for sustained upside according to the analysis. Short-term holders have a cost basis around $68,700, establishing that level as resistance.
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