Bitcoin climbed back above $63,000, with the BTC/USD pair gaining about 1.5% on the day after comments from former US President Donald Trump improved market sentiment. Trump said Iran was showing interest in reaching a new agreement after a recent ceasefire breakdown, and traders took that as a sign that geopolitical tensions might cool rather than intensify. Risk assets reacted quickly, and US stock indexes also rebounded after the previous session’s selling.
Short liquidations add fuel to the move
The move in digital assets was reinforced by a wave of derivatives liquidations. According to CoinGlass, nearly $100 million in crypto short positions were liquidated over the past 24 hours. That kind of forced unwind tends to accelerate upside price action, as traders betting on a decline are pushed out of positions and buying pressure increases in a short period. The figures point to broad repositioning across the market as sentiment shifted.
Traders focus on $61,300 support and $64,700 at the close
Analysts cited a tight set of levels now shaping short-term trading. Killa said the current structure does not look clearly bearish and suggested that price swings could continue over the coming months. In that setup, $68,000 is being watched as a possible area if traders look to open fresh short positions. Daan Crypto Trades said Bitcoin has been moving between $61,300 and $64,700, with the market recovering in the morning after the prior day’s risk-off selling.
Jelle added that buyers have not fully stepped away, arguing that reclaiming support remains possible and that bullish momentum is still present. For the near term, Daan Crypto Trades said $64,700 could be decisive for the day’s closing direction, while $61,300 remains a key support zone. Together with the spot move above $63,000, those levels now form the main reference points for traders watching Bitcoin’s next short-term move.
No clear consensus on a long-term bottom
Even with the rebound, analysts remain split on whether Bitcoin has already formed a major long-term bottom. Some point to classic bottoming patterns on the charts. Others argue that comparisons with earlier market cycles leave room for a deeper macro base before a durable bottom can be confirmed. For now, the market is still tracking daily closing levels, the staying power of renewed risk appetite, and the effect of geopolitical headlines and US market direction on Bitcoin.