On Thursday, Bitcoin came close to reaching $65,000, as the cryptocurrency's gradual rise, though slower than at the start of the month, showed no signs of slowing down. Although selling pressure weighed on the market at times, Bitcoin's daily chart showed support above the $64,500 level during corrections.
However, Bitcoin dipped below this threshold during two separate trading sessions. The first drop occurred between 21:00 and midnight, when the price fell to around $64,480 or lower. Although Bitcoin climbed above $64,900 by 01:30 Eastern Standard Time (EST), a similar pattern repeated shortly after 8:00 a.m., with the asset falling to a daily low of $64,144.
A swift recovery offset these losses, pushing Bitcoin back above $64,800. At the time of writing, the asset was trading above $64,500, showing a 0.2% gain for the day. Since the beginning of the month, Bitcoin's value in US dollars has increased by over $2,000, or approximately 3%.
Despite the modest daily gain, Bitcoin's market capitalization stood at just under $1.3 trillion. This growth also contributed to an increase in the overall cryptocurrency economy's market cap to $2.29 trillion. In the derivatives market, Bitcoin's price action led to a reduction in liquidations. The volume of short liquidations amounted to over $30 million—a decline of more than 10% compared to Wednesday's figure of $35 million. The total volume of liquidations across the broader cryptocurrency market reached $212 million, with short and long positions almost evenly distributed.
Although Bitcoin's price movements in recent weeks have been influenced by debates around the CLARITY Act and geopolitical tensions in the Middle East, market sentiment on Thursday appeared to be affected by discussions around BIP 110 and a potential chain split. On social media platforms like X, opinions remain sharply divided. Proponents argue that BIP 110 is necessary to remove non-financial spam, reduce node operational costs, and preserve Bitcoin's core role as a monetary network.
In contrast, a significant majority of traders and developers strongly oppose the measure. Opponents warn of risks related to a chain split, protocol-level censorship, and disruptions to the Ordinals and non-fungible token (NFT) ecosystems, expressing concerns that governance conflicts could hamper market momentum.
Some traders, however, see potential upside. If the proposal results in the network splitting into two separate chains, investors who held Bitcoin prior to the snapshot date expect to receive an equivalent balance of the new token on the resulting forked chain. This expectation often stimulates buying demand ahead of a fork, setting lower price floors as traders accumulate the asset to receive the newly created token.
On the other hand, if buying is driven solely by the entitlement to receive the snapshot token, the completion of the fork is likely to be followed by a wave of profit-taking, triggering short-term corrections. Nevertheless, once the hard fork is completed and technical uncertainty is resolved, Bitcoin typically resumes its broader macroeconomic uptrend—a pattern likely to reassure cautious investors.
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