BTC reaches $64K amid SpaceX record IPO launch while analyst cautions critical support level at risk
As SpaceX prepared a history-making IPO and optimism grew around a potential US-Iran agreement, Bitcoin climbed to $64,000, though concerns persisted about the sustainability of crucial BTC price support levels.
Following Friday's opening bell on Wall Street, Bitcoin (BTC) climbed to the $64,000 level while market analysis issued warnings about "unreliable" support levels for BTC price action.
Key points:
- During the US trading session, Bitcoin reaches local peak levels as optimism surrounding US-Iran peace negotiations provides moderate support for risk assets.
- SpaceX prepares to debut what appears to be the most significant initial public offering in recorded history,
- Questions persist regarding BTC price action and whether a critical trend line can maintain its role as support.
Digital assets, risk markets "brush aside" inflationary pressures
Information from TradingView revealed BTC/USD maintaining its upward momentum as cryptocurrency and risk-asset markets navigated contradictory signals regarding a potential US-Iran peace agreement.
As of this writing, official confirmation about whether an agreement would materialize remained absent, with US President Donald Trump contradicting statements emerging from the Iranian side.
"What they said, including their weak and pathetic statement on having a deal, bears no relation to the truth," he wrote in his latest post on Truth Social.
Equity markets chose to maintain steady positions at the US market open on the same day that SpaceX unveiled the most substantial initial public offering (IPO) ever recorded. Stock shares were scheduled to make their debut at $170 — representing a $45 premium above the initial IPO price.
According to recent analysis from trading resource Mosaic Asset Company, markets were now confronting a dual challenge of robust labor market conditions alongside elevated inflation levels.
"While equity markets seemed to shrug off inflation fears and the impact to valuations and monetary policy, better economic data is giving the average stock a reason to rally," it summarized in its latest Mosaic Chart Alerts update.
"While some of the air is being released from the massive rally in AI infrastructure stocks, laggards off the late March lows are turning up recently."
According to previous Cointelegraph coverage, the US inflation figures released this week established fresh multi-year highs driven by the US-Iran conflict and its resulting effects on petroleum prices.
200-week trend line for BTC price under scrutiny
Despite Bitcoin achieving fresh local highs approaching the $64,000 mark, market participants maintained a highly cautious stance regarding future price direction.
Analyst and trader Rekt Capital expressed skepticism about a long-standing trend line's capacity to provide price support — specifically the 200-week simple moving average (SMA) positioned at $62,025.
"Bitcoin is currently treating the 200-week SMA as support. But this SMA has historically proven to be an unreliable support, with price breaking down from it over time," he warned X followers.
According to Rekt Capital, further resistance was emerging from the reality that BTC/USD had fallen beneath the previous all-time highs established in 2021.
"This deviation below old All Time Highs for Bitcoin tends to take months to fully develop to ultimately form a Bear Market bottom," he commented.
"Though Bitcoin has deviated -14% below old ATHs thus far, this process is still technically ongoing and will be for a while."
