Bitcoin Volatility Amid U.S.-Iran Tensions and Economic Data Watch
- Bitcoin Price Fluctuations: Bitcoin traded near $64,000 on Monday, influenced by volatile U.S.-Iran headlines over the weekend, dipping to $63,300 before recovering to the middle of its short-term range, indicating market uncertainty and potential for rebound.
- Market Support and Resistance: Traders are watching $62,000 as the main support level, while $67,000 is the key resistance that bulls need to reclaim; the total market cap remains stable at $2.29 trillion, reflecting a lack of strong demand.
- Economic Data Impact: Key economic events this week include the Personal Consumption Expenditures (PCE) report due Thursday, which is the Federal Reserve's preferred inflation gauge; a hot reading could dampen rate cut hopes and weigh on risk assets.
- ETF Outflow Pressure: U.S. spot Bitcoin ETFs recorded $6.35 billion in net outflows over the last 30 days, marking the largest outflow on record; while this may not immediately push Bitcoin prices lower, it removes crucial support that aided earlier rallies, leaving market sentiment fragile.
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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 6 technical signals, shows that 3 indicators are flashing buy, while 3 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 | 57061.832 | 59666.951 | 62081.912 | 64687.031 | 67101.992 | 69707.111 | 72122.072 |
| Fibonacci | 59666.951 | 61584.622 | 62769.36 | 64687.031 | 66604.702 | 67789.44 | 69707.111 |
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