Bitcoin rebounded from $60k to approach $67k. The Iran-U.S. ceasefire and Strategy buy-ins are catalysts, but traders are well aware: this rally is liquidity-driven rather than trend-led buying.

$67k is a liquidity concentration zone, with shallow market depth, making prices prone to rapid pushes or drops. Short squeeze explosions have amplified volatility, but trading volume, open interest, and capital flows are still declining. Data from Glassnode shows that the options market has formed a dense position zone around $65k, and market maker hedging behavior may provide short-term support.
On-chain indicators reveal a calmer signal: when prices fall back to around $60k, long-term holders begin accumulating, gradually absorbing selling pressure. But easing selling pressure does not confirm a reversal; ETF capital outflows have slowed but not stopped, and stablecoin market cap remains high, with weak willingness for new inflows.
For market-savvy readers, this looks more like a liquidity replenishment phase rather than a solid bottom. The next step is to see if Bitcoin can hold above $67k with sustained volume growth; otherwise, choppy sideways movement remains a high-probability scenario. The risk is that if macro sentiment weakens again or ETF outflows accelerate, the rebound could quickly reverse.
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