Bitcoin price rose nearly 1.5 percent on the day, rising above $63,000 on Thursday. The recovery seen in the US stock markets after US President Donald Trump’s statements that Iran was seeking diplomatic contact also supported digital assets.
Critical thresholds and short positions in the market
The day before, Trump’s announcement that the Iran ceasefire had ended increased the selling pressure on risky assets. In the next session, the market sentiment partially recovered. According to CoinGlass data, approximately $100 million in short positions have been liquidated in the cryptocurrency market in the last 24 hours.
Daan Crypto Trades says Bitcoin is trading in a range between $61,300 and $64,700, with a daily close above $64,700 likely to change the market outlook and support a broader relief rally.
The same analyst warns that a close below $61,300 could take the price to new lows and weaken the current momentum. Therefore, investors closely watch the daily close for directional confirmation.
| Level | Importance |
|---|---|
| $61,300 | Risk of weakening in case of closing below |
| $64,700 | Possibility of relief rise if it closes above |
| $65,000 | Threshold followed for upward continuation |
| $66,000 | Required level for confirmation of technical pattern |
Analysts’ short-term scenarios
Trader Killa states that he is not bearish on the current market structure, but is watching $68,000 as a possible short position entry level. The trader’s expectation is that fluctuating price movements will continue in the coming months.
Trader Jelle, on the other hand, evaluates that the $ 65,000 and $ 70,000 band may stand out as the next target area if the buyers recapture important levels. On the other hand, it is also maintained that if there is a strong rejection in this range, Bitcoin may fall below $ 60,000 again.
Ted states that there have been unexpected Bitcoin purchases on Binance, and that if the $ 65,000 level is regained, a recovery movement towards the $ 72,000 to $ 74,000 range may occur within three to four weeks.
On-chain data points to the possibility of a bottom forming
Glassnode data reveals that losses realized by short-term investors have reached levels seen in only six periods in Bitcoin history. In each of these six examples, the BTC price was at or near the cyclical bottom zone. Glassnode is known as a blockchain analysis company that tracks market behavior through on-chain data.
The last example of this pattern was seen in January of the year, when Bitcoin rose to $ 82,000 after testing $ 60,000. It is also stated that major wallets collected 10,000 BTC during this month. The fact that net additions remained positive in the previous two months indicates that the accumulation period may have begun, according to some analysts.
The $66,000 threshold stands out in the technical view
It can be seen that a double bottom, also known as a W formation, has formed on the daily chart. This structure often brings up the possibility of upward movement in technical analysis. However, for the formation to take effect, Bitcoin must close above $66,000.
The RSI indicator, known as the Relative Strength Index, continues to remain below the 50 level. This shows that there is no strong upward confirmation for now. Analysts assess that a pullback towards $60,000 is still on the table before a larger upward move begins. If it falls below this level, $50,000 is watched as the next important support.
