Bitcoin hits $64000 after Friday’s Wall Street open. The move came as SpaceX launched a record‑breaking IPO and US‑Iran peace deal hopes continued to grow.
Nevertheless, doubts over BTC price support remain.
Why Bitcoin hits $64,000 despite mixed signals
Data from TradingView showed BTC/USD retaining gains. Crypto and risk‑asset markets surfed mixed signals over a potential US‑Iran peace deal.
However, there is no official information about whether a deal will go ahead. For example, US President Donald Trump rebutted details from the Iranian side. “What they said, including their weak and pathetic statement on having a deal, bears no relation to the truth,” he wrote on Truth Social.
Stocks chose to tread water at the US open on the day that SpaceX launched the biggest IPO in history. Shares were slated to debut at $170 — that is $45 above the initial IPO price.
Over 500 million shares of SpaceX, $SPCX, were traded today, with volume exceeding $80 BILLION. SpaceX is now the 7th largest public company in the world.
Markets shrug off inflation headwinds
In a fresh analysis, Mosaic Asset Company said that markets now face a combination of a strong labor market and high inflation.
“While equity markets seemed to shrug off inflation fears and the impact to valuations and monetary policy, better economic data is giving the average stock a reason to rally,” it summarized.
Moreover, the firm added: “While some of the air is being released from the massive rally in AI infrastructure stocks, laggards off the late March lows are turning up recently.”
This week’s US inflation data set new multi‑year records. Consequently, the US‑Iran war and its impact on oil prices drove those figures.
BTC price 200‑week trend line in focus
Although Bitcoin saw new local highs near $64,000, market participants remain highly cautious. Specifically, trader and analyst Rekt Capital warned about a long‑term trend line holding up price : the 200‑week simple moving average (SMA) at $62,025.
“Bitcoin is currently treating the 200‑week SMA as support. But this SMA has historically proven to be an unreliable support, with price breaking down from it over time,” he warned on X.
Rekt Capital also noted additional friction. BTC/USD has dropped below old all‑time highs from 2021. “This deviation below old All Time Highs for Bitcoin tends to take months to fully develop to ultimately form a Bear Market bottom,” he commented.
“Though Bitcoin has deviated -14% below old ATHs thus far, this process is still technically ongoing and will be for a while.”
Therefore, the current rally may face headwinds despite the positive catalysts.