Bitcoin rallies to $64.1k as Standard Chartered reaffirms $100k target
Bitcoin (BTC) surged by 2 per cent to $64,100 this week, outperforming the broader crypto market as investors piled into risky assets to hedge inflation risk.
The rally was driven by a derivatives short squeeze, which forced bearish traders to cover positions, triggering over US$80 million in liquidations within 24 hours.
Standard Chartered reaffirmed its year-end 2026 price target of $100,000, dismissing recent market weakness as “mostly noise” linked to uncertainty around MicroStrategy’s treasury management and potential Bitcoin sales.
The bank’s research team maintained that Bitcoin’s fundamentals remain intact, offering institutional validation and reinforcing long-term bullish sentiment.
The rally coincided with a 1.16 per cent gain in total crypto market cap, supported by a weaker US dollar and easing oil prices as US–Iran peace talks reduced immediate geopolitical risk. Risk appetite was further boosted by a rally in Asian semiconductor stocks on AI optimism.
Technically, Bitcoin is testing the $64,000–$65,000 resistance band, with key supports at the 50 per cent Fibonacci retracement level ($62,498) and the 38.2 per cent level ($63,619).
Analysts note that a daily close above $65,068 would confirm breakout momentum, while a drop below $63,681 could signal weakness.
Despite the rally, the move was amplified by leverage rather than strong new institutional inflows, as spot ETF demand remained muted. Sustained high funding rates suggest continued leverage buildup, raising caution about near-term volatility.
The next major catalyst is the Federal Reserve’s July 28–29 meeting, which could provide directional conviction for Bitcoin’s trajectory. Investors are advised to monitor US spot Bitcoin ETF flows in the coming days to determine whether the rally evolves into a demand-driven trend reversal or fades as a short squeeze.
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