Bitcoin climbs 0.6% to $64,986 as BTCPay exploit, fork fears surface

Bitcoin pressed toward $65,000 on Saturday, rising 0.61% to $64,986, even as a BTCPay exploit and fork concerns tested community confidence.

Bitcoin rose 0.61% to $64,986 on Aug. 9, approaching the $65,000 psychological level, while the community grappled with a BTCPay exploit and fork concerns. The move extends a recovery from $62,300 on Aug. 3, a gain of nearly 4 percent, as easing oil prices and cooling US inflation supported risk assets.

"Reclaim this, and Bitcoin could rally towards $68,000 next," Ted Pillows, a crypto analyst, said of the $65,000 resistance zone.

Data from Hyperliquid shows more than 1,500 BTC in cumulative short leverage concentrated near $65,000, making it the nearest significant liquidity target. Santiment data indicates whales and sharks accumulated Bitcoin in the $63,000-$65,000 range, while micro holders recorded their steepest balance decline since December 2024. The 24-hour trading volume stood at $18.95 billion with market capitalization at $1.3 trillion, according to CoinGecko. The Relative Strength Index reads approximately 53, leaving room for a decisive move in either direction.

The $65,000 level has acted as both support and resistance in recent weeks. A confirmed close above it could trigger a short squeeze toward $67,000-$68,000, where the 100-day moving average sits. The 200-day moving average stands at $72,500. Failure to hold current levels would expose liquidity pools near $63,700 and $63,000, with the 4-hour lower Bollinger Band at approximately $62,819. A break beneath $60,000 would invalidate the current sequence of higher short-term lows.

Security Concerns and Macro Backdrop

The BTCPay exploit, a vulnerability in the open-source payment processor used by merchants and exchanges, drew attention as the community assessed its scope. Fork concerns added another layer of uncertainty, with questions over network consensus creating short-term anxiety among holders. These issues follow the COLDCARD wallet exploit and uncertainty around the pending US CLARITY Act, which have weighed on retail participation.

Macro tailwinds remain supportive. Brent crude traded below $80 per barrel after progress in Iran-Oman negotiations over the Strait of Hormuz shipping route, while the S&P 500 advanced to fresh record highs near 7,700. The June Consumer Price Index rose 3.5 percent year-over-year, a deceleration from prior months, with core inflation holding in the mid-2 percent area. Trader Lennaert Snyder noted that a 4-hour close above $64,000 triggered the latest advance, but warned that price could first sweep liquidity above $65,000 or the prior weekly high near $65,400.

The interplay between the BTCPay exploit fallout, fork-related uncertainty, and macro conditions will determine whether Bitcoin can sustain its recovery. A durable breakout above $65,000 would benefit from confirmation of easing inflation expectations and continued equity momentum, while renewed geopolitical tension or higher oil prices could reverse the current positive setup.

This article is for informational purposes only and does not constitute investment advice.