Bitcoin (BTC), Ethereum (ETH), and XRP extended their recovery as geopolitical concerns eased.
Market sentiment improved after US President Donald Trump said Iran had reached out to discuss a potential agreement.
Bitcoin has surpassed the key $64,000 resistance level, with a breakout potentially strengthening the short-term outlook.
Bitcoin (BTC) extended its recovery on Friday, climbing above the $64,000 level as improving investor sentiment supported a broader rebound across the cryptocurrency market.
The recovery comes after geopolitical concerns eased following comments from US President Donald Trump, who said Iran had contacted the United States to discuss a potential agreement.
The remarks fueled hopes of reduced tensions in the Middle East, encouraging investors to return to risk assets.
The positive sentiment also helped Ethereum (ETH) edge closer to $1,800, while XRP stabilized after finding support near key technical levels.
Improving risk appetite supports Bitcoin recovery
Cryptocurrency markets gained ground as fears surrounding the recent escalation in the Middle East began to subside.
Investor confidence improved after Trump indicated that Iran had initiated contact with the United States regarding possible negotiations, raising expectations that diplomatic efforts could help prevent further conflict.
The shift in market sentiment prompted renewed buying across digital assets, allowing Bitcoin to recover toward an important technical resistance zone.
Bitcoin price analysis: Bulls target higher resistance levels
Bitcoin was trading around $64,300 at the time of writing, placing it just below the significant $65,000 resistance area.
Although the recent rebound has strengthened short-term momentum, BTC remains below several key trend indicators, suggesting the broader market structure has yet to turn decisively bullish.
Bitcoin continues to trade beneath the 50-day Exponential Moving Average (EMA) at $65,399, the 100-day EMA ($68,991), and the 200-day EMA ($75,024)
These moving averages form a strong overhead resistance zone that bulls must overcome before confirming a broader trend reversal.
Technical indicators suggest buying momentum is slowly returning. The Relative Strength Index (RSI) has moved above the neutral 50 level, indicating strengthening bullish momentum.