Bitcoin (BTC), the cryptocurrency, reached a high of $67,000 during Monday’s Wall Street Open as a result of the US-Iran Peace Deal.
Important points
- The price of bitcoin continues to climb as US-Iran tensions lead to a rise in risky assets.
- Liquidity is the main focus for traders, who do not think that downward pressure has passed.
- After $60,000 of holdings, the flagging demand is showing signs of improvement.
BTC price eyes key liquidity “pocket” Next
TradingView’s data shows that BTC/USD has increased by 1.5% in the last week.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Details of the Iran ceasefire agreement, set to be signed later in the week, delivered major upside to US stocks, with the S&P 500 and Nasdaq Composite Index adding up to 2.4%.
Donald Trump posted on Truth Social in his last post that the shipping of oil through the Strait of Hormuz route is already increasing.
“Ships are starting to move, many loaded up with Oil, out of the Strait of Hormuz,” He wrote.
Truth Social Source
Bitcoin traders are divided on whether the recent relief rally will be continued or not.
“This week is shaping up to be very interesting,” trader Killa told X supporters, aiming at a rejection over $67,000.
BTC/USD four-hour chart. Source: Killa/X
JDK trading account analysis argued It was “still too early to call” A reliable BTC bottom price.
“Now we’re also seeing a break of major resistance and acceptance back into previous value, opening the door for a larger move to the upside,” It was written on that day.
“That said, strong bottoms take time. I still expect more chop, and there is still a major pocket of untapped liquidity below that shouldn’t be ignored.”
BTC/USDT one-week chart. Source: JDK Analysis/X
Liquidity of Bitcoin orders remains low
Commentator Exitpump continued It was “easy” The price will rise due to the thin liquidity of order books both above and beneath.
Related: Can BTC rebound to $69K as oil price plunges? Five things to know in Bitcoin this week
CoinGlass data shows that BTC/USD is sweeping around short liquidations at the US Open.
BTC liquidation heatmap. Source: CoinGlass
Glassnode, a blockchain analytics platform, provides a comment on the liquidity of the chain. flagged “supportive” Conditions on the options market
“$BTC has bounced and is now pushing back into a dense cluster of options positioning near $65K. As price moves into these zones, dealer hedging flows can become more supportive, helping stabilize the market after a period of elevated volatility,” I wrote X on a piece of paper.
Bitcoin Options Heatmap Source: Glassnode/X
Separate post noted The overall demand has appeared to return after Bitcoin’s rise to $60,00.
“Accumulation Trend Scores have turned higher across multiple wallet cohorts, suggesting supply is being absorbed as investors step in following the move to down $60K,” Glassnode is added.
Data on Bitcoin trend. Source: Glassnode/X
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Source: cointelegraph.com
