Bitcoin price challenges $65K after Trump signals possible Iran talks

Bitcoin price has climbed toward the key $65,000 resistance zone after U.S. President Donald Trump said Iran had reached out to Washington to discuss a possible agreement, easing geopolitical concerns and lifting demand across risk assets.

According to data, Bitcoin ( $BTC ) price rallied to an intraday high of $64,400 on Friday, up 2.65% on the day, while the total cryptocurrency market capitalization rose 2.17% to $2.21 trillion. Ethereum recovered toward $1,800, XRP held above a major support level, and Dogecoin also advanced as traders rotated back into higher-risk assets following Trump’s comments.

At the same time, activity in the derivatives market accelerated. Bitcoin futures trading volume increased 3.83% to $51.59 billion, while open interest climbed 4% to $48.16 billion, suggesting fresh capital entered leveraged positions rather than short covering alone. Options activity expanded even faster, with volume jumping 27.23% to $2.81 billion as traders positioned for a potential move beyond the closely watched $65,000 barrier.

Bitcoin price tests neckline breakout as derivatives activity builds

The technical structure has also improved after Bitcoin completed an inverse head-and-shoulders pattern on the 4-hour chart. Price has returned to the neckline near $64,500-$65,000, a level that has repeatedly capped rallies during the past several weeks. A confirmed breakout would project an upside target near $71,800, based on the measured move from the pattern.

Momentum indicators continue to favor buyers without showing extreme conditions. The four-hour RSI sits near 60, leaving room for additional gains before entering overbought territory. Meanwhile, the MACD has crossed above its signal line, and the histogram remains in positive territory, supporting the current recovery attempt.

The daily chart also shows Bitcoin reclaiming its 20-day simple moving average near $61,870 after spending several sessions below it. Price now sits between the 20-day and 50-day moving averages, with the 50-day SMA around $65,430 serving as the next technical hurdle. Longer-term resistance remains concentrated near the 100-day and 200-day moving averages around $70,800 and $74,100, respectively.

Liquidation data from CoinGlass highlights another obstacle. The largest cluster of short liquidations sits between roughly $64,800 and $65,200, where leverage has accumulated over the past three days. A decisive move through that zone could trigger forced buying and accelerate Bitcoin toward the next liquidity pockets above $66,000.