Bitcoin Price Hits $72K: What to Expect for BTC Price Breakdown?
Bitcoin (BTC) rose to $72,700 in New York trading on Tuesday after US President Donald Trump confirmed a two-week ceasefire with Iran.
Main Receptors:
Bitcoin rose 7% to $72,700 on Tuesday after the US and Iran agreed to a two-week ceasefire.
Over $431 million of short positions were liquidated in the last 24 hours.
Traders say Bitcoin price must decisively break the $72,000-$76,000 range to confirm trend reversals.
Bitcoin rebounded by 7% to hit a three-week high
According to data from TradingView, the price of BTC rose 7.4% to $72,760 from Tuesday's low of $67,274, recouping all losses experienced in the past 20 days. The last time BTC/USD traded above $72,000 was on March 18.
The price comes after Trump reaffirmed a two-week ceasefire with Iran that has set the stage for a “full, swift and safe opening” of the Strait of Hormuz.
“Geopolitics moves crypto faster than any TA. One post from Trump and billions return to the markets,” analyst Mr. Brondor said in response to Bitcoin after the news.
The movement in Bitcoin was accompanied by short liquidity of $431 million in the last 24 hours, while BTC short liquidity was $214.8 million.
RELATED: Bitcoin Holds $67K Support As Data Exposes Price To Sentiment Divergence
This brings the total liquidity in the crypto market to $610 million in the last 24 hours.
Oil, which had hovered between $110 and $118 a barrel amid the conflict, fell 16 percent to $92 from an intraday high of $110. WTI crude fell to $90 before recovering to $95 at the time of writing.
Commenting on BTC's price action, trading firm QCP Capital opined that despite the upside, the broader setup is weak.
“The re-opening of Hormuz is conditional, infrastructure destruction has occurred, and Friday's talks should lead to tangible progress,” he wrote in the latest Market Color update:
“The big question for now is whether the rally can be held in the next set of supporters, including federal minutes, the CPI and the first real diplomatic test of this two-week standoff.”
BTC price change is still in question.
Bitcoin still faces hurdles to recovery, with traders concerned about a bear flag breakout on the daily chart.
“BTC bulls still have a lot of work to do,” said crypto trader Jelle in a post on X.
“The Bear Flag Argument for Key Resistance Remains Strong.”
The analyst warned followers not to get “excited” about the new support rally as it could be delayed by resistance in the 72,000-$76,000 supply zone from the flag's upper border as shown in the chart below.
“Bitcoin has returned to $72,000, but the bears are waiting at this level,” said fellow analyst Crypto Patel, who said that he would “decide the next step” after Bitcoin broke above $76,000.
“HTF closes above $76k → high chances BTC pushes to $86k–$90k. Rejection from $76k → next leg down below $60,000.”
As Cointelegraph continues to report, many traders expect a new low in BTC/USD towards the 200-week moving average, which has marked a historically bear market low.
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