Bitcoin climbed back above $63,000, squeezing bearish traders across the market. CoinGlass data shows that nearly $100 million in short positions were liquidated across crypto in the past 24 hours, reversing part of the risk-off pressure that followed Trump’s statement a day earlier that the Iran ceasefire had ended.
$61,300 and $64,700 remain the near-term range boundaries
Daan Crypto Trades said Bitcoin has been moving between $61,300 and $64,700. In his view, a daily close above $64,700 could shift sentiment and open the door to a broader relief rally. A close below $61,300 would point back to the lows and weaken the current push. The daily close, not just intraday volatility, is where traders are looking for direction.
Analysts map out upside targets and rejection zones
Trader Killa does not see a bearish reversal in the current structure, though he identified $68,000 as a possible area to consider fresh short exposure. He also expects sharp price swings to continue over the coming months. Trader Jelle outlined a different setup: if buyers reclaim key levels, Bitcoin could extend toward the $65,000 to $70,000 area; if that region rejects strongly, price could slip back below $60,000.
Ted pointed to unexpected Bitcoin accumulation on Binance. His scenario is conditional but specific: if Bitcoin retakes $65,000, the move could reach $72,000 to $74,000 within three to four weeks.
Glassnode data points to stress seen near past bottoms
Glassnode said short-term holders are realizing losses at a rate seen only six times before in Bitcoin’s history. In each of those periods, BTC was near or at a cyclical bottom. The latest similar episode came in January, when Bitcoin rebounded from a test of $60,000 and advanced to $82,000.
The same report noted that large wallets accumulated 10,000 BTC this month. Net inflows have remained positive over the last two months, leading some analysts to read the data as an early sign of a new accumulation phase.
$66,000 stands out as the technical confirmation level
On the daily chart, Bitcoin is forming a double bottom, or W pattern. That setup is often linked to a bullish reversal, but analysts said confirmation would require a daily close above $66,000. At the same time, the Relative Strength Index remains below 50, showing that momentum has not fully confirmed a breakout.
Analysts also warned that Bitcoin could still revisit $60,000 before any sustained upward leg develops. If that level breaks, $50,000 is viewed as the next major support zone.