Bitcoin remains above $68,000 as Iran tensions edge the market
Key receivers
Bitcoin holds close to $69k as geopolitical tensions related to Iran keep markets cautious.
Rising oil prices and inflation concerns are limiting the upside, but strong ETF earnings and institutional support are helping BTC stay strong.
Bitcoin is trading near the $69,000 mark as investors remain cautious amid rising geopolitical tensions linked to the conflict in Iran.
The leading cryptocurrency briefly pushed above $70,000 on Monday – its first move since March – but failed to sustain the momentum.
Geopolitics controls market sentiment
The ongoing situation in Iran continues to create global threats. US President Donald Trump has warned of dire consequences if a deal to reopen the Strait of Hormuz is not reached by Tuesday's 20:00 ET deadline.
Iran rejected a 45-day ceasefire and instead demanded a permanent cessation of hostilities alongside the lifting of sanctions.
For Bitcoin, this macro backdrop is important – higher oil prices will support inflation, raise Treasury yields and reinforce expectations that the Federal Reserve will raise interest rates longer.
Despite the current situation, Bitcoin is holding up better than some traditional markets. Although it hasn't made a start, its ability to hold above $65,000 suggests fundamental support from positioning and institutional interest.
Meanwhile, gold lost more than 10% of its value as investors discounted expectations for a rate cut by the Federal Reserve this year.
Inflows into the space into Bitcoin ETFs were a key factor. After four consecutive months of outflows, March saw net inflows of $1.2 billion. Momentum continued into April, when spot ETFs recorded $471.3 million in inflows in a single day—the largest since February.
Although resistance near $76,000 continued to rise, these gains helped Bitcoin's price sustain.
For Bitcoin to rise, a clear incentive is needed. A confirmed cease-fire agreement between the United States and Iran could be particularly crucial if oil prices stay below $100 a barrel and ease inflation.
Technical Forecast: Bitcoin sees $70k resistance again.
The BTC/USD 4-hour chart remains bearish and bearish as Bitcoin continues to hold the $65,000 support level.
The price has recovered from this low and is testing resistance at 69k, the 50-day EMA and the lower band area of the ascending channel.
The RSI of 61 on the 4-hour chart is above neutral, indicating a bullish bias. The MACD lines are above the zero line, adding further consolidation to the bullish narrative.
Buyers need to break above $69,000 to bring $74,000 into focus, the rising midpoint of the channel and the falling trendline resistance against the October record high of 126,000.
A rise above the $74,000 resistance level will allow BTC to test the March high of $76,000 in the near term.
However, failure to rally higher will cause the bears to push the price back towards the $65,000 support level.
