Bitcoin (BTC), the cryptocurrency, reached a high of $67,000 during Monday’s Wall Street Open as the US/Iran Peace Deal kept risky assets on the rise.
The following are key points.
- As US-Iran gains trigger risk assets, Bitcoin continues to rise.
- The focus of traders is on the low-time frames price movement, as they do not believe that downside pressure has ended.
- The flagging market shows signs of recovery following a $60,000 hold.
BTC price eyes key liquidity “pocket” The Next Generation of adversity
TradingView data tracked BTC price movement as BTC/USD increased another 1.5% from the week-end close.
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
There are still differences of opinion among traders about whether Bitcoin will continue to rise or if it’ll abort the latest relief rebound.
“This week is shaping up to be very interesting,” trader Killa told X fans, aiming for a refusal above $67,000.
BTC/USD four-hour chart. Source: Killa/X
JDK trading account analysis argued It was “still too early to call” Price bottoms for BTC that are reliable
“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
The Bitcoin order book liquidity is still thin
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 $69K as oil price plunges? Five things to know in Bitcoin this week
CoinGlass’ latest data showed that BTC/USD was sweeping the short liquidations in and around US opening.
BTC liquidation heatmap. Source: CoinGlass
Glassnode, a blockchain analytics platform, provides a comment on the liquidity of the chain. flagged “supportive” Options markets: conditions
“$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 on X.
Bitcoin options heatmap Source: Glassnode/X
Separate post noted After Bitcoin’s jump to $60,000, the overall demand for Bitcoin has returned.
“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 add-on
The Bitcoin Trend Score is a measure of the trend in bitcoin accumulation. Source: Glassnode/X
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
