Bitcoin is holding $63,000 as optimism around a potential peace deal in the Middle East fuels positive social sentiment, alongside gains in major altcoins like Ethereum and XRP. The global cryptocurrency market capitalization stands at $2.17 trillion, reflecting an increase of 1.98% from the previous day, despite recent volatility and outflows from spot exchange-traded funds (ETFs).

Market Performance

The following table details the performance of major cryptocurrencies:

Market Statistics and Flows

Coinglass data shows 108,898 traders were liquidated in the past 24 hours for $284.06 million. SoSoValue data indicates net outflows of $19.03 million from spot Bitcoin ETFs on Thursday, while spot Ethereum ETFs saw net outflows of $15.9 million. In the past 24 hours, top gainers include Humanity, OFFICIAL TRUMP and Audiera.

Technical Analysis and Outlook

Trader Byzantine General explained that Bitcoin is testing the $64,000-$65,000 resistance zone for a third time, signaling persistent bullish pressure. However, a large amount of passive sell liquidity on Binance remains overhead. CryptosBatman noted Bitcoin is forming a classic inverse Head & Shoulders pattern beneath a descending resistance trendline, with buyers defending higher lows. Trader Jelle is watching Bitcoin's weekly close, which is on track to confirm a bullish divergence on the weekly chart while holding a critical support zone.

Standard Chartered Global Head of Digital Assets Research Geoff Kendrick declared the crypto winter over on Friday, asserting that Bitcoin's drop to $59,000 marked the lowest point of this cycle. The call represents a direct reversal of his February note, where he warned of pain and capitulation and cut his near-term Bitcoin target to $50,000. Currently, Bitcoin trades near $64,000, recovering from its recent low.

Kendrick's thesis rests on three converging catalysts that arrived simultaneously on Friday. Oil prices fell 1.5% to $86 per barrel following an announcement that a potential US-Iran peace deal could occur this weekend ahead of the G7 summit. Additionally, SpaceX's $75 billion IPO launched, which Kendrick argued pulled capital out of Bitcoin ETFs as investors sold to free up cash for the offering rather than exiting crypto on fundamental concerns.

Verification Requirements

Kendrick specified that his call requires verification across three specific data points to confirm the bottom. Bitcoin ETFs must post net inflows, reversing the roughly $5 billion in net outflows recorded since mid-May. Oil prices need to continue their decline. Finally, Strategy Inc. needs to announce a Bitcoin purchase on Monday.

Technical Levels and Scenarios

The Parabolic SAR flipped bullish at $59,168, sitting below the price for the first time in weeks. If the verification conditions fail and Bitcoin loses the $59,000 wick low, the SAR signal invalidates, opening a move toward $55,000 to $56,000. Conversely, reclaiming $65,000 on the back of confirmed ETF inflows and falling oil targets a recovery leg toward $68,000 to $71,000.