Bitcoin (BTC) held near $64,000 before Sunday’s weekly close after Donald Trump said a U.S.-Iran peace deal would reopen the Strait of Hormuz.
Key Points:
- Bitcoin traded near local highs after Trump said an Iran peace deal would be signed on Sunday.
- Traders said the $65,000-$67,000 area is the next major resistance zone.
- Rising open interest and lower funding rates suggested bears may be adding shorts into the rebound.
Bitcoin Iran Deal
Data showed Bitcoin trading below a local high of $64,750 on Bitstamp, with the move coming after Trump posted his latest update on Truth Social.
“The Deal is scheduled to get signed tomorrow, and immediately after it is signed, the Hormuz Strait is OPEN TO ALL,” Trump wrote, referring to the waterway that carries a major share of global oil flows.
The statement helped keep Bitcoin’s rebound intact as traders looked for signs that selling pressure was fading. SuperBro, a trader on X, said the 200-week simple moving average was still acting as support.
“In a word, constructive,” SuperBro wrote, while rejecting the idea that a bearish breakdown pattern was active.
The trader said the $65,000-$67,000 range remains the major test because it aligns with the last swing low and a high-volume point of control on exchange order books.
Also Read: SpaceX, OpenAI And Anthropic IPOs Spark One Big Investor Question
Bitcoin Short Squeeze
Cointelegraph previously noted that some traders still view the 200-week simple moving average with caution because it has not always worked as a reliable bear-market floor.
Another trading account, Cryptic Trades, focused on a different signal: rising open interest combined with falling funding rates across exchanges.
“It's finally happening,” the account wrote, arguing that the setup could support a more durable Bitcoin rebound because bulls were not aggressively chasing the move.
Cryptic Trades said the data looked more like bears were adding short positions into strength, which can create the conditions for a squeeze if the price keeps rising. That matters because Bitcoin’s recent recovery came after a weak stretch in which traders questioned whether the market could hold the low $60,000s. The current setup now puts the focus back on resistance near $65,000 and $67,000, where a clean breakout would weaken the bearish case.
Read Next: Crypto Super Cycle Still Coming, CZ Says As Bitcoin Holds Near $64K