Bitcoin returned to the 64,000 dollar level on Sunday, catching traders’ attention amid escalating geopolitical tensions. However, this recent price rebound failed to convince the entire market, as some participants remained cautious. Despite rising friction between the United States and Iran, Bitcoin did not experience a sharp pullback, an outcome that has only deepened the debate over the cryptocurrency’s current strength.
Stability in the face of geopolitical shocks
Data from TradingView showed the BTCUSD pair briefly surged as high as 64,522 dollars on Bitstamp before reversing direction and slipping about 0.5 percent during the day. Even so, Bitcoin was able to retain most of its intraday gains, offering a signal of resilience that many considered noteworthy.
These market movements unfolded just as new developments emerged in the Middle East. Reports surfaced that Tehran had once again blocked oil transit through the Strait of Hormuz, casting doubt on ongoing peace efforts. Meanwhile, renewed Israeli strikes targeting Lebanon further intensified the atmosphere, prompting Iran to warn that the ceasefire deal struck last week could fully unravel.
U.S. President Donald Trump, posting on Truth Social, called for Iran to immediately halt support for its heavily funded proxy groups in Lebanon, threatening even harsher countermeasures against Tehran.
As the U.S. futures markets prepared to open, caution remained the dominant vibe in crypto. In a climate where geopolitical risk was climbing, Bitcoin’s upward move seemed unusual to a number of short-term traders who voiced skepticism about its staying power.
Traders stay cautious on the rally
Cryptocurrency trader Lennaert Snyder expressed doubt regarding Bitcoin’s latest climb in a statement on X, highlighting how the ongoing geopolitical turbulence made the uptrend appear questionable. Nonetheless, he anticipated that the current momentum could push Bitcoin’s price as high as 66,000 dollars, warning that price swings could be pronounced throughout the week.
Lennaert Snyder noted that the ongoing escalation in geopolitical tension makes the surge in $BTC seem suspicious; however, he also signaled that the current rally could open a path towards 66,000 dollars if momentum continues.
Another market commentator, Killa, observed that Mondays have not been kind to Bitcoin in recent weeks. Using historical price patterns, Killa suggested that the weekly high could form earlier than usual, hinting at potential volatility ahead for traders.
Selling pressure at Binance under the microscope
Data from exchange order books also raised new concerns about the sustainability of Bitcoin’s rebound. The analyst Exitpump attributed the latest price push primarily to unsustainable short squeezes on Binance, pointing out that much of the activity appeared concentrated in derivatives markets rather than the spot market.
Further analysis indicated that selling pressure persisted on the Binance spot market. While Bitcoin inched higher, spot sellers seemed to counterbalance every move, suggesting that buyers had yet to seize full control. Prior episodes saw aggressive selling from Binance keeping bullish traders in check, and the data suggests these headwinds have not subsided.
As one of the largest cryptocurrency exchanges by trading volume worldwide, Binance remains a focal point for investors. Accordingly, both spot and derivatives trading flows on the platform continue to heavily influence Bitcoin’s short-term direction, keeping the community glued to every move on the order books.
