Bitcoin Rebounds Amid US-Iran War Developments
- Market Rebound: Bitcoin reversed its losses after Monday's Wall Street open, rapidly climbing to $72,530, indicating market digestion of the latest US-Iran war developments, despite ongoing US blockade measures in the Strait of Hormuz.
- Blockade Impact: The US blockade does not affect shipping traffic from non-Iranian ports, which analysts note alleviates market panic over rising oil prices, with WTI crude fluctuating around $102 per barrel, reflecting supply chain concerns.
- China's Trade Role: Trading firm QCP Capital highlighted China's pivotal role in the Iran situation, as Iranian crude primarily flows eastward, meaning any blockade would directly impact Beijing's supply chain, with markets yet to fully price in this reaction.
- Price Trend Warning: Trader Jelle warned that Bitcoin may form a classic “Bart Simpson” failed breakout pattern, suggesting that if the price falls below $70,500, it could fully retrace previous gains, indicating a cautious risk appetite in the short term.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 3 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 59745.65 | 63738.83 | 68051.64 | 72044.82 | 76357.63 | 80350.81 | 84663.62 |
| Fibonacci | 63738.83 | 66911.718 | 68871.932 | 72044.82 | 75217.708 | 77177.922 | 80350.81 |
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