Bitcoin Bounces Back Above $60k, Wipes out $320M in Shorts As Saylor Hints At Purchase
Bitcoinis now seeing significant price recovery after its market dump last weekend sent it below the historic $60K support. As bounced back above $63,000 to start the new week, the leading crypto wiped out $320 million in short positions.
The BTC price rebound can be linked to a recent hint from Michael Saylor that Strategy () will resume buying Bitcoin. On the backdrop of this, analysts suggest that the Bitcoin price could see a major recovery soon.
Saylor Hints At Bitcoin Purchase
A major catalyst behind the renewed bullish momentum is Strategy’s Executive Chairman, Michael Saylor. Known for his unwavering advocacy of digital gold, Saylor recently took to social media (X) to hint at another massive corporate Bitcoin acquisition.
His cryptic yet characteristically bullish messaging effectively signaled to the market that institutional buyers view sub-$60k price levels as a premium entry point. Historically, Strategy’s buying behavior serves as a psychological backstop for the broader market.
When corporate giants hint at accumulation, it mitigates retail panic and invites sideline capital back into the ecosystem. Saylor’s remarks successfully shifted the narrative away from macroeconomic capitulation and refocused investor attention on long-term institutional scarcity.
Wrapped BTC Sees Increased Adoption
While the spot market witnessed wild price swings, the utility sector of the Bitcoin network quietly achieved significant milestones. ’s proprietary wrapped Bitcoin token, cbBTC, has seen its adoption climb dramatically among decentralized finance (DeFi) traders.
The rise in cbBTC use comes as users seek alternatives to traditional passive holding. In the first half of 2026, cbBTC captured roughly 25% of the wrapped Bitcoin market share. The cbBTC total circulating supply has surged past $5 billion across major networks.
DeFi users are actively deploying cbBTC as digital collateral on lending protocols like Aave or supplying liquidity on decentralized exchanges. This macroeconomic shift from passive holding to active capital utilization indicates that, despite temporary spot market liquidations.
Bitcoin Price Begins Recovery, Liquidates $320M
The combination of oversold technical conditions and positive institutional sentiment fueled a devastating short squeeze. In a mere 15-minute window, the sudden price spike forced the liquidation of roughly $320 million in short positions across the crypto derivatives market, per ChainDesk data.
In the previous 10 days, Bitcoin liquidations sit at $1.57 Billion, with the majority coming from long positions as BTC price plunged to $59.100 last week, per CoinMarketCap.
But as Bitcoin recovered above $63,000, the 15-min squeeze has led to liquidations above $320 Million, with the majority being short positions. As a result of the recovery, BTC price now hovers around $63,600 and looks to be trending upwards.
BTC Technical Indicators Are Mixed
According to real-time technical tracking on Investing.com, Bitcoin’s overall technical indicators present a mixed outlook for short-term traders. On one hand, momentum oscillators like the Relative Strength Index (RSI) had plunged to an extremely oversold level of 16 during the dip.
Conversely, broader trend indicators remain heavily bearish. While Bitcoin has fought its way back above the psychologically vital $60,000 round figure, the moving averages show BTC price resistance lines as a result of the early June sell-off.
Despite the mixed outlook, Byte Drift explained that the BTC price has closed above the previous February 6 low after its recent rebound. With the weekly RSI showing early signs of bullish divergence, traders need to watch for a clear top above the $60k support level.