Bitcoin price on Wednesday finally surged above the $70,000 USD mark, a level it has been struggling to break since the 26 March drop. This is purely a modest reaction to the 2-week US-Iran Ceasefire, driven by peace-talk ideas.
The announcement has brought relief to the global financial market. A 2% advancment was recorded in S&P 500 futures and 5% growth in European equity futures. While Brent crude oil faced a sharp decline of 13% to $94–$95 per barrel. Meanwhile, the commodity had mixed sentiment. Gold prices surge more than 2%.
Bitcoin and Cryptocurrencies behaved as expected. The impact is so inline that Bitcoin price rose to a 3-week high. Ethereum, Solana, XRP, BNB, DOGE, HyperLiquid, Cardano, and Chainlink are all registering gains above 5%. Top gainers in the list are ZCash (22%), EdgeEx (19%), LayerZero (16%), Athena 14%, and ICP ( 13%).
While all the top altcoins strongly follow the trail of Bitcoin, it is important to understand how these 2 weeks for Bitcoin will go.
At the time of writing, BTC is at $71,665 with a 4% surge in 24hours and 40% surge in Volume. Looking at the border market, the institutional interest reversed as $471 million in netflow was recorded for US Spot exchange-traded funds (ETFs). The derivatives market was also in favour of Bitcoin, turning positive Open interests.
The upcoming Bitcoin proposals in the US SEC and the participation of players like Morgan Stanley uplift the sentiment. Morgan Stanley also debuted today as the ETF issuer, a Bitcoin ETF with ticker MSBT was introduced by NYSE Arca.
BTC/USD 4-hour Chat shows a corrective but bullish picture for Bitcoin. The price in the early session tested the $72,000 zone, but couldn’t survive the panic selling.
As per Coinpedia Markets The price may face correction as the sentiment follows, the ultimate zone of support is at $69000 to $68500. Whereas the resistance still sits at $72,000.
The combination of the indicator Average Directional Index (ADX) at 32 and the Bollinger Bands, where price is hugging the upper band and has a wide structure, shows continuation of the trend.
The durability of the current trend is highly dependent on the Ceasefire status for next week and thereafter. Opening of the Strait of Hormuz or any solid news of settlement may scale the Bitcoin capacity to hit $80,000 targer again.
In contrast to any of the positive steps, we may see more sales offices with negative volume and reduced liquidity.
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