Bitcoin’s back above $63,000 and traders are watching one number: $64,700.
The move came after US President Donald Trump said Iran “wants to make a deal,” reversing the previous day’s ceasefire breakdown. Stocks rallied alongside crypto, and the relief was real — nearly $100 million in short positions got liquidated over 24 hours.
BTC/USD climbed about 1.5% on Thursday, pushing past the $63K mark after a rough Wednesday. Trump’s comments, relayed by The Kobeissi Letter, signaled that diplomatic channels are still open. Markets took that as a green light.
So what’s next? Trader Daan Crypto Trades laid it out simply. Bitcoin’s been stuck in a $61.3K to $64.7K range. A daily close above $64.7K changes the game — it’d open the door for a bigger relief rally across the board. Close below $61.3K though, and we’re looking at the lows again.
Trader Jelle sees bulls still putting up a fight. “Get back above, and we likely push for 65-70k again. Reject, and sub-60k is back on the menu,” he said. Meanwhile Killa expects a few more months of choppy price action before things clear up.
Opinions on whether Bitcoin’s bottom is in keep splitting analysts. Some see a textbook bottom forming. Others point to cycle comparisons that suggest a deeper floor is still ahead. Either way, the next couple of daily closes could set the tone for weeks to come.
