On August 18, Bitcoin reached the $65,000 mark, successfully breaking through its 50-day EMA technical resistance of $64,650. This price surge triggered a $56 million short squeeze, leading to significant liquidations for bearish traders and pushing Bitcoin's market capitalization near $1.3 trillion. Additionally, the movement occurred as a 60-day memorandum of understanding between the U.S. and Middle Eastern counterparts expired.
