Bitcoin, the leading cryptocurrency by market capitalization, has managed to reclaim the $64,000 level, according to data provided by CoinGecko. 

After paring some gains, it is currently changing hands at $63,802 on the Bitstamp exchange.

Nearly $67 million worth of short positions have been liquidated over the past four hours alone, according to CoinGlass data. 

Even though Bitcoin has recorded impressive gains, the bulls do not appear to be in control just yet. Last week, popular trader DonAlt predicted that the bulls would need to reclaim $65,000 to be back in the driver's seat. 

The cryptocurrency is still down more than 13% from its record high that was achieved in March. 

If Bitcoin fails to pull off a decisive breakout, it is on track to record its longest streak of range-bound trading.