Bitcoin price pushed toward the $65,000 resistance zone after U.S. President Donald Trump said Iran had contacted Washington about a possible agreement. The news eased geopolitical concerns and lifted demand across risk assets.
According to data from crypto.news, Bitcoin ($BTC) rallied to an intraday high of $64,400 on Friday, up 2.65%. The total cryptocurrency market cap rose 2.17% to $2.21 trillion. Ethereum recovered toward $1,800, XRP held above a major support level, and Dogecoin also advanced. Traders rotated back into higher-risk assets after Trump’s comments.
Derivatives activity picks up
Activity in the derivatives market accelerated. Bitcoin futures trading volume increased 3.83% to $51.59 billion, while open interest climbed 4% to $48.16 billion. This suggests fresh capital entered leveraged positions rather than just short covering. Options activity expanded even faster. Volume jumped 27.23% to $2.81 billion as traders positioned for a potential move beyond the closely watched $65,000 barrier.
Technical structure improves
The technical picture improved after Bitcoin completed an inverse head-and-shoulders pattern on the 4-hour chart. Price returned to the neckline near $64,500 to $65,000. That level has repeatedly capped rallies over the past several weeks. A confirmed breakout would project an upside target near $71,800, based on the measured move from the pattern.
Momentum indicators still favor buyers without showing extreme conditions. The 4-hour RSI sits near 60, leaving room for additional gains before entering overbought territory. The MACD has crossed above its signal line, and the histogram remains in positive territory, supporting the current recovery attempt.
On the daily chart, Bitcoin reclaimed its 20-day simple moving average near $61,870 after spending several sessions below it. Price now sits between the 20-day and 50-day moving averages. The 50-day SMA around $65,430 serves as the next technical hurdle. Longer-term resistance remains near the 100-day and 200-day moving averages at roughly $70,800 and $74,100, respectively.
Liquidation clusters and analyst views
Liquidation data from CoinGlass highlights another obstacle. The biggest cluster of short liquidations sits between roughly $64,800 and $65,200. Leverage has accumulated there over the past three days. A decisive move through that zone could trigger forced buying and accelerate Bitcoin toward the next liquidity pockets above $66,000.
Market analysts have focused on the same resistance region. Analyst Ted Pillows said Bitcoin is right at its resistance level, and the major concern is weak spot demand. He noted that if buyers step in, Bitcoin could see a decent breakout and rally next. Analyst Michaël van de Poppe expects the recent recovery to continue if buyers defend current levels. He sees more strength coming in and does not expect markets to fall. Continuation over the next 1-2 weeks could mean a run to $70,000 and would strengthen the thesis that the bottom is relatively here.
Risks remain despite progress
Despite the improving setup, Bitcoin still faces several risks before confirming a sustained breakout. The $64,500 to $65,500 area combines horizontal resistance, the 50-day moving average, and a heavy concentration of leveraged positions. Failure to clear that zone could encourage profit-taking after the recent rebound.
Support begins near $63,000, followed by the $62,000 region identified by several technical analysts. A break below those levels would invalidate the inverse head-and-shoulders pattern and shift attention back toward the late-June lows near $58,000.
Any renewed escalation in Middle East tensions, stronger-than-expected U.S. economic data that revives Federal Reserve tightening expectations, or a reversal in risk sentiment across equity markets could also pressure Bitcoin before bulls have a chance to challenge the next resistance zone.
