Bitcoin Price Eyes $65,000 as Standard Chartered Backs $100,000 Target: Is the Bottom In?

Bitcoin (BTC) has rallied from about $61,400 on July 6 to an intraday high of $64,653 on July 10 and trades near $63,800 at the time of writing, as risk appetite returns across crypto.

US President Donald Trump said Iran had reached out to Washington to discuss a possible agreement, easing the geopolitical fears that knocked BTC below $62,000 earlier in the week.

Standard Chartered reaffirmed its $100,000 end of 2026 Bitcoin target, with digital assets research head Geoff Kendrick calling BTC at $64,000 "a screaming buy" and dismissing fears around Strategy's selling.

Roughly $96 million in short positions were liquidated as BTC broke above $64,000, while futures open interest rose 4% to $48.16 billion and options volume jumped 27% to $2.81 billion.

The $64,500 to $65,200 zone is the key battleground: a confirmed breakout projects targets at $68,000 and $71,800, while rejection risks a slide back toward $62,000.

 

Bitcoin has staged a sharp turnaround from the geopolitical shock that hit markets midweek. After the collapse of the US-Iran ceasefire dragged BTC down to around $61,700, President Trump said on Friday that Iran had contacted Washington to discuss a possible agreement. The prospect of talks flipped sentiment across risk assets: BTC rallied 2.65% on Friday to an intraday high above $64,600, the total crypto market capitalization climbed about 2.2% to $2.21 trillion, Ethereum (ETH) recovered toward $1,800, and XRP and Dogecoin joined the bounce.

The move was amplified by leverage. As Bitcoin punched through $64,000, roughly $96 million in short positions were liquidated, a squeeze that forced bearish traders to buy back exposure and accelerated the rally. Equity markets helped too, with the Nasdaq rising for consecutive sessions on semiconductor strength, including the blockbuster SK Hynix Nasdaq debut, which supported the broader risk complex that crypto trades within.

 

The rally received an institutional stamp on July 10 when Standard Chartered reaffirmed its forecast that Bitcoin will reach $100,000 by the end of 2026. Geoff Kendrick, the bank's global head of digital assets research, wrote that at $64,000 the coin is "a screaming buy," arguing that recent weakness reflects uncertainty about Strategy rather than any deterioration in Bitcoin's own fundamentals.

That matters because Strategy, the largest corporate Bitcoin holder with roughly 843,775 BTC, recently sold 3,588 BTC for about $216 million, its largest disposal to date, to fund distributions on its STRC perpetual preferred stock and replenish reserves. The shift away from a never sell posture rattled investors, and STRC traded well below its $100 par value in late June. Standard Chartered frames the episode as a communication problem: the company now has a formal monetization program, a $2.55 billion dividend reserve covering more than 17 months, and heavy overcollateralization, so credible signaling should remove the need for further sales. Not everyone agrees. JPMorgan analysts have warned that formalizing sales makes Strategy a two way presence in the market, while Grayscale's research head has argued the sales actually strengthen the balance sheet and help Bitcoin find a durable bottom.

 

Under the surface, positioning has turned more aggressive. Bitcoin futures volume rose 3.83% to $51.59 billion in the latest session while open interest climbed 4% to $48.16 billion, suggesting fresh capital entering rather than pure short covering. Options activity expanded even faster, with volume jumping 27.23% to $2.81 billion as traders placed bets around the $65,000 barrier.

Onchain data adds a striking wrinkle: whale wallets have accumulated an estimated 270,000 BTC during the same stretch in which US spot Bitcoin ETFs bled roughly $7 billion. Large holders and ETF investors are effectively on opposite sides of this market, and one of them will be proven wrong. ETF flows did show a flicker of life, snapping a 10 day losing streak on July 7 with a $221.7 million daily inflow, the largest in two months.

 

 

Technically, Bitcoin has completed an inverse head and shoulders pattern on the four hour chart and is pressing against the neckline in the $64,500 to $65,000 area, a zone that has capped rallies for weeks. It also coincides with the 50 day moving average near $65,430 and the largest cluster of short liquidations, concentrated between roughly $64,800 and $65,200. A decisive break could trigger forced buying toward $66,000, with pattern based targets at $68,000 and $71,800.

On the downside, initial support sits near $63,000, followed by the $62,000 region. Losing those levels would invalidate the bullish pattern and shift attention back toward the late June lows near $58,000. The relative strength index near 64 shows buyers in control without yet being overbought.

 

Caution has not disappeared. The Crypto Fear and Greed Index still sits in extreme fear territory in the low 20s, and June was the worst month on record for spot Bitcoin ETF flows with more than $4 billion in outflows. Geopolitics remains fluid: talk of negotiations can reverse as quickly as it appeared, as this month has already shown. And the Federal Reserve's July 28 to 29 meeting looms as the next major macro catalyst, with markets still pricing meaningful odds of another rate hike by December. Some desks argue the entire rebound is a relief bounce within a broader range rather than a new bull trend, noting Bitcoin has now spent over 300 days inside the $60,000 to $70,000 band, its third longest consolidation in any $10,000 range.

 

The setup into next week is unusually well defined: a breakout above $65,200 or a rejection back toward $62,000. Traders can track the live BTC/USDT price on MEXC, set alerts around the key levels, and use stop loss and take profit orders on MEXC Futures to manage risk on both sides of the range. Given the size of the liquidation clusters sitting just overhead, moves through $65,000 could be fast and volatile in either direction.

 

Disclaimer: This content is for educational and reference purposes only and does not constitute any investment advice. Digital asset investments carry high risk. Please evaluate carefully and assume full responsibility for your own decisions.