Bitcoin Eyes $66,000 as Traders Question Strength of Latest Price Rally

Bitcoin briefly pushed above $64,500 on Sunday, extending its recovery even as geopolitical risks resurfaced in the Middle East. The world’s largest cryptocurrency showed resilience despite renewed uncertainty surrounding U.S.-Iran negotiations and Iran’s move to again threaten the Strait of Hormuz.

The latest gains came as markets weighed warnings from U.S. President Donald Trump, who threatened stronger action against Iran if Hezbollah escalates conflict in Lebanon.

Traders See Potential Move Toward $66,000

Some market participants believe Bitcoin could continue higher in the near term. The current rally may extend toward $66,000, although he described the price action as “suspicious” given the backdrop of rising geopolitical tensions.

Others remain cautious. Recent market behavior has shown a pattern of Bitcoin reaching short term highs on Mondays before pulling back later in the week.

Binance Selling Pressure Remains

Market observers also pointed to continued sell-side activity on Binance. According to trading data shared by analysts, spot market participants have largely been selling into the rally, while derivatives traders appear to be driving much of the recent upward movement.

The divergence has raised concerns that Bitcoin’s latest gains may lack strong spot-market support. While momentum remains positive above $64,000, traders are closely watching whether buying demand can sustain a push toward the $66,000 level in the days ahead.