US President Donald Trump's comments about a potential deal with Iran spurred Bitcoin and crypto market recovery. Traders are watching key levels as the price nears $64,700.
Bitcoin (BTC) surged past the $63,000 mark on Thursday after US President Donald Trump indicated that Iran was interested in making a deal, boosting risk assets including cryptocurrencies. This positive sentiment followed a period of uncertainty as tensions between the two nations escalated following the breakdown of a ceasefire.
The rebound in Bitcoin came amid broader market relief, with US stocks recovering from earlier losses. According to data from CoinGlass, crypto markets saw significant short liquidations amounting to nearly $100 million over 24 hours, reflecting traders' optimism about the potential deal and its impact on global economic stability.
Traders are closely monitoring key support levels for Bitcoin's price action. Killa, a prominent trader, noted that while not bearish, there is still room for further recovery towards $68,000. Fellow trader Jelle highlighted ongoing bullish sentiment but warned of potential downside if the price fails to hold above certain thresholds.
The market reaction underscores how global geopolitical events can significantly influence crypto markets. As Trump's comments provided a temporary reprieve in tensions, traders are now focused on whether this could mark a turning point for both Bitcoin and broader risk assets.
Key levels such as $64,700 remain critical for traders looking to gauge the near-term direction of BTC. A daily close above these levels would likely signal stronger upward momentum across crypto markets, while a failure to hold could lead to renewed selling pressure and potentially deeper corrections in the short term.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.