The Last Bastion of the Bulls — Why $65,000 Is Crucial

Geopolitical easing brings a breath of relief, but the market is still testing the bottom

On April 1, 2026, Bitcoin briefly stayed above $68,000 before retreating again to fluctuate between $67,000 and $68,000. In the past 24 hours, BTC briefly broke through $68,500 but was quickly met with selling pressure. The market is fiercely debating: can the key psychological level of $65,000 hold?

Let’s look at the positives. Expectations of easing tensions in Iran are rising — the Iranian president has signaled a willingness to end the conflict, and Trump has hinted at possibly halting military actions. This macro shift directly ignited risk asset sentiment, ending Bitcoin’s five-month losing streak and recording its first monthly increase since September last year. Digital asset hedge fund Apollo Crypto’s portfolio manager stated, “Bitcoin is showing strong resilience around $68,000.”

However, beneath this surface resilience, undercurrents are brewing. Options market data shows over $1.5 billion in put options clustered around the $60,000 level. This indicates that a large amount of capital is hedging against a drop below $60,000 — if $65,000 support is lost, these puts will accelerate the downward price movement.

$65,000 is the dividing line between bulls and bears

On the technical side, Bitcoin is currently trapped within a narrow range of $66,037 to $68,130. All major moving averages are above the current price — the 10-day moving average is around $67,832, the 50-day at $71,005, and the 200-day at $85,095. This alignment suggests that every rebound faces layers of resistance.

Market sentiment remains in the “extreme fear” zone. Glassnode’s latest report states, “The easing of seller pressure and stabilization of capital flows indicate that a foundation for a potential rebound is forming, but the market environment remains fragile, requiring stronger demand to confirm a trend reversal.”

The reason $65,000 is a focal point is that it is both a densely packed support zone formed by previous lows and a psychological line for bulls. Holding this level could allow a rebound to continue; breaking below it would make $60,000 the next test target. $BTC

Currently, Trump’s 10-day ceasefire with Iran’s energy facilities will expire on April 6, and traders are preparing for a possible escalation in geopolitical tensions. In the coming week, the battle to defend $65,000 is about to begin. #BTC能否守住6.5萬美元？