Bitcoin’s price recovered from Friday’s sharp sell-off at $59,000 and climbed to about $64,000 earlier this morning, a move that may have been supported by positive developments on the US-Iran front.
However, one analyst warns that this rebound may be only temporary and that a larger retracement could still be incoming.
BTC Rises to $64K
The largest cryptocurrency fell below $60,000 on Friday for the first time since before the November 2024 US presidential election. That new local low marked the culmination of a correction that began in mid-May after Bitcoin was rejected near $82,000.
Bitcoin recovered relatively quickly to just above $60,000 and rallied to around $62,000 over the weekend. Volatility increased late yesterday when Iran struck Israel in retaliation for attacks tied to Lebanon. US President Donald Trump publicly condemned the strikes and suggested the US and Iran might be closer to a peace deal that could be announced within days, which helped calm markets.
BTC spiked to about $64,200 on a fast wick but was unable to sustain that level and now trades near $63,000. Most altcoins mirrored Bitcoin’s swings, triggering another wave of liquidations in futures markets. According to CoinGlass data, the total value of liquidated positions topped $600 million in a single day, with short liquidations dominating at roughly $467 million.
Don’t Trust the Rally
Analyst Merlijn The Trader acknowledged the bounce from $59,000 but warned traders not to assume the recovery is complete. He compared the current price action to the 2022 bear market, when Bitcoin staged a similar rebound after a sharp decline, luring buyers before a later capitulation pushed prices lower.
Using that historical pattern as a guide, Merlijn warned of a potential rally toward $65,000–$70,000 followed by a final leg down that could bring Bitcoin into a more attractive dollar-cost-averaging (DCA) range between $48,000 and $59,000.
The Bitcoin bounce is coming.
Don’t go all-in on it.Wyckoff Accumulation:
2022: Spring at $15.5K.
Bounce rally to $23K.
Bulls bought the bounce.
Then capitulation.2026:
Same playbook.
Spring near $50K incoming.
Bounce rally to $65-70K incoming.
DCA zone: $48-59K.… pic.twitter.com/ZJNxHzA1XX— Merlijn The Trader (@MerlijnTrader) June 7, 2026