- Bitcoin regained the $64,000 level despite renewed geopolitical tensions involving the US, Iran, and the closure of the Strait of Hormuz.
- Market analysts describe the price resilience as “suspicious,” with potential near-term targets around $66,000, though Mondays have recently marked local highs.
- Persistent sell-side pressure on Binance‘s spot market suggests the upward move is being driven primarily by derivative markets.
On Sunday, Bitcoin (BTC) reclaimed the $64,000 mark, demonstrating unexpected strength as global geopolitical tensions escalated with the Strait of Hormuz closing once more. The cryptocurrency’s price reached local highs of $64,522 on Bitstamp before a slight pullback, data shows.
The price held firm despite Iran threatening to unravel a ceasefire after Israeli strikes on Lebanon. US President Donald Trump responded defiantly in a Truth Social post, warning of “harder” strikes.
Consequently, crypto traders expressed significant caution ahead of the US futures market open. Trader Lennaert Snyder commented on X, calling the price action “very suspicious.”
Meanwhile, Snyder still identified a potential path toward $66,000 for BTC. Fellow trader Killa, however, warned that recent history showed Monday often marked a weekly price peak, telling followers this had happened six weeks in a row.
Analysis of exchange order books revealed further headwinds. Commentator Exitpump noted that Binance spot markets continued selling into the price rise, writing the move was “Mostly perps driven.”
Persistent aggressive sell pressure from the exchange had been previously reported as a factor restraining bullish momentum. This ongoing pressure underscored the cautious sentiment despite the price rally.
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