Bitcoin (BTC) Price: Why Traders Are Watching $64,700 Like a Hawk

TLDR

• Bitcoin climbed back above $63,000, up ~1.5%, after Trump said Iran “wants to make a deal”
• Traders are watching $64,700 as the key daily close level for a potential relief rally
• Crypto short liquidations hit nearly $100 million in 24 hours
• On-chain data shows short-term holder losses at levels historically seen near cycle bottoms
• Whales added 10,000 BTC this month, pointing to a possible accumulation phase

Bitcoin climbed back above $63,000 on Thursday after US President Donald Trump said Iran “wants to make a deal.” BTC rose nearly 1.5% on the day.

US stocks also bounced back, helping lift crypto markets after Wednesday’s sell-off. Trump had declared the Iran ceasefire “over” the day before, which spooked risk assets.

Crypto short liquidations hit nearly $100 million in 24 hours, according to CoinGlass data. That means many traders betting on lower prices got caught out.

Trader Daan Crypto Trades flagged $64,700 as the key number to watch at the daily close. “A daily close above $64,700 flips the story and would make for a larger relief rally across the board,” he wrote on X.

He also warned that a close under $61,300 “opens the road to the lows again and kills the momentum.” Bitcoin has been ranging between those two levels.

Trader Killa said they are “not bearish at all” on the current setup. They are eyeing $68,000 as a potential short entry and expect a few more months of choppy price action.

Trader Jelle pointed to $65,000–$70,000 as the next target if bulls reclaim key levels. He said a rejection could push BTC back below $60,000.

Analyst Ted (@TedPillows) flagged sudden BTC buying on Binance and said if Bitcoin reclaims $65,000, a relief rally toward $72,000–$74,000 could follow within three to four weeks.

On-Chain Data Points to a Possible Cycle Bottom

Glassnode data shows short-term holder (STH) realized losses have spiked to levels seen only six times in Bitcoin’s history. In all six cases, BTC was near or at a cycle bottom.

The last time this happened was in January this year, when Bitcoin hit $60,000 before rallying to $82,000.

Whale wallets added 10,000 BTC this month. The two prior months also saw positive additions, which analysts interpret as a likely accumulation phase.

BTC Needs to Break $66,000 to Confirm the Pattern

A W-shaped pattern has formed on the daily chart. This formation often comes before strong price moves higher.

Bitcoin needs to close above $66,000 to confirm it. The RSI remains below 50, so no bullish signal has been confirmed yet.

Analysts say a dip to $60,000 is possible before any larger move. If BTC drops below that level, $50,000 is cited as the next key support.

If Bitcoin holds above $60,000, a retest of the 200-day EMA near $74,000 is the scenario analysts are pointing to.

The most recent price data shows BTC ranging between $61,300 and $64,700, with traders watching the daily close for the next move.

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