Bitcoin nears $65K as US-Iran deal boosts BTC rebound
Bitcoin price is holding near local highs around $64K as markets price in an imminent US–Iran peace deal. US President Donald Trump said the Strait of Hormuz would be “open to all” immediately after the deal is signed on Sunday, easing risk-related pressure that traders had priced into crypto.
On trading charts, BTC/USD settled after a local high near $64,750 (Bitstamp) into Sunday’s weekly close, while analysts said no major bearish chart pattern is active. Traders also pointed to support from the 200-week simple moving average (SMA), with one analyst calling the short-term setup “constructive.” Another noted an order-book “point of control” zone in the $65K–$67K area—described as a key test level at a prior swing low and volume POC.
Market positioning indicators are also improving. One trader highlighted rising open interest alongside falling funding rates as a mix that can support a more durable rebound. The argument was that this is not traditional bull chasing; instead, bears may be adding shorts with sentiment staying bearish, which can fuel short squeezes if price breaks higher. CoinGlass liquidation data showed local highs align with a large band of potential short liquidations, adding to the upside pressure if BTC clears the $65K–$67K resistance.
Overall, the Bitcoin price action suggests buyers are defending the trend, and the next upside catalyst is whether BTC can decisively reclaim and hold above the $65K–$67K zone into the next session.
Bullish
This news is bullish for BTC because it combines (1) a macro/risk narrative shift—Trump’s statement that the Hormuz Strait will be “open to all” right after a US–Iran peace deal—and (2) BTC market structure signals that favor a rebound. Traders referenced the 200-week SMA as support and highlighted a clear $65K–$67K resistance/test area tied to prior volume/POC. On the derivatives side, rising open interest with falling funding rates suggests positioning is becoming less “overheated” for longs, while liquidation heatmaps indicate a nearby pool of short liquidations—conditions that often precede aggressive upside moves via short squeezes.
In the short term, BTC may see volatility around the $65K–$67K zone as shorts get forced out. In the medium to long term, if the deal news flow reduces geopolitical tail risk and BTC can convert this rebound into a higher high, it can attract more trend-following demand. The main risk is that if BTC fails to reclaim $65K–$67K, the same liquidation setup can reverse into renewed downside. Similar patterns—geopolitical easing plus favorable funding/open-interest shifts—have historically produced bottoming phases followed by a breakout attempt, but confirmation still depends on price holding above resistance.