Bitcoin surged to $64,000 on Friday after the opening of Wall Street trading, supported by improving risk appetite and optimism surrounding the historic SpaceX initial public offering (IPO).
The world’s largest cryptocurrency maintained its recent gains despite persistent concerns over inflation and geopolitical uncertainty linked to developments between the United States and Iran.
Market sentiment received a boost from reports of possible progress toward a US-Iran peace agreement, although uncertainty remains after US President Donald Trump disputed claims regarding a finalized deal. Investors nevertheless appeared willing to take on additional risk, helping support both crypto and equity markets.
At the same time, SpaceX’s highly anticipated IPO attracted significant market attention, with shares expected to debut at $170, well above the initial offering price. The listing is being described as one of the largest IPOs ever witnessed, adding to broader enthusiasm across financial markets.
Despite Bitcoin’s move higher, analysts remain cautious about the cryptocurrency’s technical outlook. Market observers continue to focus on the 200-week simple moving average (SMA) near $62,000, a level that has historically provided only temporary support during previous market downturns.
Crypto analyst Rekt Capital warned that the long-term support line may prove unreliable if selling pressure returns. He noted that Bitcoin remains below its previous all-time highs and that historical bear market bottoming processes have often taken several months to fully develop.
The analyst also pointed out that Bitcoin has already fallen approximately 14 percent below its former record highs, suggesting that the broader correction cycle may not yet be complete.
Meanwhile, investors continue to monitor inflation trends after recent US economic data showed rising price pressures, largely driven by higher energy costs linked to Middle East tensions and elevated oil prices.
While Bitcoin’s recovery above $64,000 has improved short-term sentiment, traders remain divided on whether the rally can continue or if key support levels will come under pressure in the coming weeks.
