Bitcoin climbed back above $64,000 late Tuesday after Qatar confirmed progress in reviving US-Iran negotiations, easing concerns tied to the Strait of Hormuz. Technical charts show BTC testing a descending channel, with $64,300 flagged as the level that could confirm a breakout toward $65,500 and $66,500. A dense band of liquidations near $62,000 remains the main downside risk if the recovery stalls.
Bitcoin closes above key retracement level
Bitcoin traded near $64,100 late Tuesday, recovering from an intraday low around $63,300 and extending its rebound from the $62,400-$62,500 support area. The move pushed BTC's daily chart above the 61.8% Fibonacci retracement level at $63,496, a threshold that, if held, opens the way toward the 78.6% retracement at $65,026.
Momentum backs the move: the daily RSI stood at 50.30, just above its signal line at 49.94, placing Bitcoin in neutral territory where neither buyers nor sellers hold full control. Bitcoin still sits inside a broader consolidation range between roughly $57,868 and $66,975, and the July high near $66,975 stays the larger breakout level even if BTC clears $65,026.
Qatar-brokered talks ease pressure on risk assets
The rebound followed Qatar's confirmation that regional mediators are working to bring the United States and Iran back to the table. Qatari Foreign Ministry spokesperson Majed Al-Ansari said Doha wants conditions in the Strait of Hormuz to return to normal, with Qatar, Pakistan, and Oman exchanging proposals between Washington and Tehran, though no timetable has been set.
That diplomatic push has eased some concern over global energy supplies, since the Strait of Hormuz is one of the world's most important oil transit routes and any reopening could lift demand for risk assets. Still, talks remain uncertain: Iran has denied holding direct negotiations with Washington, describing its discussions as being with Oman instead, and shipping through the strait remains restricted despite the reported progress.
$64,300 is the level traders are watching
On the 4-hour chart, Bitcoin is testing the upper boundary of a descending channel that has guided price since the July 21 peak near $66,700. BTC briefly poked above that boundary before slipping back toward $64,100, and the Supertrend indicator places immediate resistance at $64,115, almost level with the current price.
Analyst Ali Martinez pointed to $64,300 as the level that could confirm a breakout, opening the way toward $65,500 or $66,500. Order-book data shared by analyst Ted Pillows shows large sell orders stacked between $64,000 and $65,000, which helps explain why BTC keeps struggling to extend gains through that range.
Liquidation cluster near $62,000 marks the downside risk
The one-week Bitcoin liquidation heatmap shows a large concentration of leveraged positions sits near $62,000. That is the brightest liquidation band below the current price and could pull the recovery back down if it stalls.
Losing $63,500 could expose $62,421 and then the $62,000 liquidation cluster, with a deeper slide bringing the $61,347 Fibonacci level into focus. Holding $63,496 and clearing the $64,300-$65,000 supply zone could, by contrast, keep $65,500, $66,500, and eventually $66,975 in reach.
Source: crypto.news
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