The $65,000 level is a major resistance level. The price of Bitcoin fell as tensions in the Middle East escalated, prompting a rise in Brent crude, which is at $84.01. The downtrend was temporary as buyers came in below $62,000.
On-chain analytics firm Glassnode revealed on Wednesday that leveraged traders on the (DEX) have built exposure that now exceeds anything the firm has previously recorded, adding:
“Top traders on Hyperliquid are aggressively long bitcoin, showing some of the highest sustained long positioning we’ve recorded. This exposure exceeds what was seen during the last run to around $83,000, pointing to strong speculative demand at these levels.”
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Policy developments also support cautious optimism. Fundstrat’s head of digital asset strategy, Sean Farrell, said the odds of the passing this year “may be better than markets appreciate.” Polymarket traders recently priced a 42% chance of the bill being signed into law in 2026, down from more than 70% in May.
Bitcoin remains negative for the year as a sharp sell-off in June pushed the price below $60,000 to near $58,000. However, repeated buying below $62,000 suggests sellers may be losing momentum. A strong close above $65,000 could confirm a broader recovery, while rejection at that level may return control to the bears ahead of the July Fed meeting.