Bitcoin Needs a Daily Close Above $64,700 to Seal Its Latest Rebound, Says Trader

Bitcoin (BTC) saw intraday highs after Thursday’s Wall Street open as US stocks rebounded on fresh Iran peace hopes.

Key points:

• Bitcoin joins a risk-asset rebound as US President Donald Trump said that Iran “wants to make a deal” after the ceasefire breakdown.
• Crypto short liquidations near $100 million over 24 hours.
• Traders see important BTC price levels coming as soon as the daily close.

Crypto, stocks rise as Trump teases new Iran “deal”

Data from TradingView showed BTC/USD rising back above $63,000, up by nearly 1.5% on the day.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

US stocks were in the green across the board, helping to erase Wednesday’s downside as US President Donald Trump said that the Iran peace deal was “over.”

“They called a little while ago; they want to make a deal so badly,” Trump subsequently said in comments quoted by trading resource The Kobeissi Letter and others.

Crypto markets joined the sense of relief, helping push 24-hour short liquidations to nearly $100 million, per data from CoinGlass.

BTC/USD vs. crypto liquidations (screenshot). Source: CoinGlass

Commenting on the latest BTC price setup, trader Killa described their view as “not bearish at all.”

“In my view, we still have a few more months of choppy PA,” an X post stated, eyeing $68,000 for a potential short entry.

Source: Killa/X

Fellow trader Jelle saw ongoing strength from bulls, with a support reclaim still possible.

“Looks like bulls aren’t giving up on the reclaim just yet,” he told X followers. 

“Get back above, and we likely push for 65-70k again. Reject, and sub-60k is back on the menu for $BTC.”

BTC/USD 12-hour chart. Source: Jelle/X

Bitcoin price needs a $64,700 daily close

Continuing, trader Daan Crypto Trades emphasized $64,700 for the daily close.

Related: Bitcoin ETFs end ‘most overwhelming’ $2.7B sell-off amid new $85M net outflow

“$BTC is ranging $61.3K-$64.7K range and spent this morning climbing back up after yesterday’s risk-off flush,” his latest X analysis read. 

“A daily close above $64.7K flips the story and would make for a larger relief rally across the board. A close under $61.3K opens the road to the lows again and kills the momentum.”

BTC/USD one-hour chart. Source: Daan Crypto Trades/X

As Cointelegraph reported, opinions on the bear-market bottom being in continue to diverge.

This week, analysis described a “textbook” bottom formation now underway, while BTC price-cycle comparisons continued to demand a deeper macro floor.