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Bitcoin (BTC) circled $64,000 into Sunday’s weekly close as a US-Iran peace deal appeared imminent.
Key points:
Data from TradingView showed price action settling after local highs of $64,750 on Bitstamp.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
These had accompanied an announcement by US president Donald Trump that a peace deal would be signed on Sunday.
“The Deal is scheduled to get signed tomorrow, and immediately after it is signed, the Hormuz Strait is OPEN TO ALL,” he wrote in a post on Truth Social.
Source: Truth Social
Among traders, there was fresh hope that sell pressure on Bitcoin was easing as a result. Trader SuperBro noted that the 200-week simple moving average (SMA) was holding as support.
“In a word, constructive,” they summarized about low-time frame BTC price action in a post on X.
SuperBro dismissed concerns about a bearish breakdown pattern being in play, instead focusing on a point of control (nPOC) level on exchange order books above current spot price.
“$65K-$67K is a big test, at the last swing low and volume POC. If we can rip through this zone then the bear case takes a massive hit,” they concluded.
BTC/USD one-day chart. Source: SuperBro/X
Cointelegraph previously reported on misgivings about the 200-week SMA, which history had shown to be “unreliable” as a bear-market safety net.
Continuing, trading account Cryptic Trades eyed a key combination of rising open interest and falling funding rates on exchanges.
Related: Bitcoin miner ‘capitulation’ comes as trader sees later 2026 bear-market bottom
“It’s finally happening,” it told X followers about what could support more sustainable BTC price strength.
Cryptic Trades suggested that current conditions showed a lack of belief on the part of bulls, removing the risk of new longs getting trapped before a new downturn.
“In other words, these aren’t longs aggressively chasing the move. These are bears doubling down, increasing their short positions, and betting that the downtrend isn’t over,” it explained.
“This is exactly the kind of setup that generally marks durable bottoms. The market starts moving higher, sentiment remains overwhelmingly bearish, and the most keep leaning the bearish. This is how aggressive short squeezes are born.”
BTC liquidation heatmap. Source: CoinGlass
Data from CoinGlass showed that the local highs coincided with a large band of potential short liquidations.
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