Bitcoin Climbs Past $65k as Traders Grab the $58k Dip

Friday’s close pushed Bitcoin over the $65, 000 mark, marking an 11‑percent gain from the most recent 15‑month trough that slid below $60, 000. The rally shows traders are now ready to buy in at the $58, 000 zone, which many see as a key support level. During Thursday’s session Bitcoin lost about $1. 1 billion in long positions but recovered quickly, indicating fresh buying interest around sub‑$60, 000 lows. Those losses and gains were spread over more than 24 hours of trading volume, with the CoinGlass data showing total liquidations nearing $2. 6 billion, of which Bitcoin alone accounted for $1. 1 billion in long positions. Binance’s Secure Asset Fund for Users (SAFU) added another 3, 600 BTC at roughly $65, 000 each, bringing a $250‑million stake to the market. This move follows last week’s plan to roll out $1 billion of SAFU reserves into Bitcoin over the next month; the first batch was about $100 million, leaving $565 million in the queue for this cycle.Crypto hedge funds also joined the dip, with Bitwise data showing that global crypto hedge‑fund beta hit a two‑year high as Bitcoin weakened and then strengthened. European Head of Research at Bitwise André Dragosch noted that record ETF volumes and moderate net outflows on Thursday signaled strong buying by U. S. –based spot Bitcoin ETFs. The $58, 000 area is no coincidence – it sits near the 200‑day simple moving average, a technical anchor for BTC prices according to MN Capital founder Michael van de Poppe. He suggested that the price may form a “wick” if it can rally up slightly, signalling further support and possible new highs. With Bitcoin already testing previous cycle highs on Friday, traders now watch whether the $58‑$62 range holds or slides back; a rebound could bring a fresh crest and set the stage for next week’s momentum.