Trader calls BTC gains ‘suspicious’ as $66K target eyed
Bitcoin traded near $64,000 on Sunday as a trader called recent gains ‘suspicious’; some market participants still target $66,000 despite Binance sell pressure.
Bitcoin returned to around $64,000 on Sunday, briefly reaching $64,522 on Bitstamp before easing and trading about 0.5% lower on the day.
The price moved amid rising tensions in the Middle East. Iran reportedly closed the Strait of Hormuz and Israeli strikes in Lebanon prompted warnings that a ceasefire could collapse. President Donald Trump posted on his social account that ‘Iran must immediately stop their highly paid PROXIES in Lebanon from causing trouble’ and threatened ‘harder’ strikes on Iran.
Traders said trading was cautious ahead of U.S. futures market openings. Lennaert Snyder wrote on social media that ‘ $BTC is pumping with rising geopolitical tensions, very suspicious’ while still considering a potential extension toward $66,000. Another trader, Killa, noted that recent Mondays have often marked local pivot highs before price moved lower.
Order-book snapshots and derivatives data indicated the rally was supported more by perpetual futures than by spot buying. A market commentator pointed to elevated short interest on Binance and noted that sell-side liquidity on Binance’s spot order book continued to limit upward movement.
When futures buying lifts prices while spot holders place sell orders, short-term squeezes can occur without broad spot-market support. Traders monitor concentrated orders, funding rates and open interest for signs that gains could reverse if short interest rises or large spot selling resumes.
Bitcoin has traded in the mid-$60,000 range for weeks with intermittent spikes tied to news and liquidity events. Market participants continue to watch exchange order books, futures positioning and scheduled market openings for further signals.
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