Bitcoin surges above $64,000 in fresh market rally
- By Maria Lopez -
- Jul 10, 2026
July 2026 begins on a decidedly bullish note for cryptocurrencies, with Bitcoin (BTC) engineering a spectacular recovery and reclaiming the critical $64,000 level. Just last week, the flagship crypto languished at multi-month lows of $58,293.
The abrupt surge back into the bullish camp wasn’t entirely organic; it was a potent concoction of macroeconomic events, a massive short squeeze, and highly seasonal tendencies that powered the recent rally.
The macro picture painted a grim portrait of U.S. Employment data last week.
The latest Bureau of Labor Statistics figures revealed that the economy added only 57,000 new jobs in June – well short of market expectations of over 110,000. Add to that a hefty dose of downgrades for previous month’s figures, and the market’s outlook for Federal Reserve policy did a swift 180. The probability of a Fed hike plummeted from over 65% to roughly 50%, according to the CME FedWatch tool. With U.S.
Treasury yields and the dollar retreating in the wake of the report, investors piled into risk assets, opening the way for a major rally in both Gold and Bitcoin.
The Derivative Game: A $450 Million Short Squeeze But macro wasn’t the only driver; a major short squeeze in the derivative markets supercharged Bitcoin’s ascent. As Bitcoin finally managed to breach the $62,000 resistance level, it caught legions of over-leveraged bears off guard. A substantial weekend surge triggered more than $450 million in liquidations of short positions.
In the wild world of crypto, liquidations force traders betting on a price decrease to aggressively buy Bitcoin back to cover their positions, fueling an explosive spiral upwards that pushes the price into the next wave of sell orders.
Stabilizing ETFs and Strong Seasonality On-chain analytics from Glassnode indicate that the persistent selling pressure that dominated June is starting to dissipate. Notably, the United States spot Bitcoin ETFs have ended a troubling 10-day streak of net outflows.
While these products are still recovering from historic redemptions, the stabilization in net flows has significantly reduced the burden of excess supply.
Digital asset research outfit QCP Capital also pointed out that the early July jump aligns with historical seasonality. July has consistently been one of the best months for cryptocurrencies on the calendar, averaging historical gains of approximately 7.5%.
The Path Forward With Bitcoin now confidently trading above $63,500 and touching intraday highs close to $64,170, the technical outlook is undeniably bullish. Options data show a significant increase in demand for $70,000 calls expiring at the end of the month, suggesting both institutional players and retail traders are positioning for a summer rally continuation.
However, some analysts recommend caution.
Given that much of the recent move was fueled by a forced short squeeze rather than organic demand from spot markets, Bitcoin needs to solidly establish the $63,000-$64,000 range as solid support to make its way to the next major resistance level at $67,000.