Bitcoin traders see their breakout opportunity as BTC eyes $75,000.
At the first Wall Street open of the week, Bitcoin reached new six-week highs, but analysts remained risk-averse, arguing that the long-term BTC price decline was still in place.
Bitcoin (BTC) hit $74,600 in Monday's Wall Street open as U.S. stocks rallied on signs of an easing of the Iran war.
Key Points:-
Bitcoin sets another high near $75,000 after a strong weekly retracement of key trend lines.
Oil and gold will both decrease as tensions on the Strait of Hormuz ease.
Bitcoin traders are in no mood to believe the current “relief”.
BTC price rises with stocks amid oil pressure
Data from TradingView showed bitcoin at new six-week highs, with stocks opening 1.5% as oil and gold fell.
Geopolitical headlines led market movements, with the US saying it would allow Iranian oil tankers through the Strait of Hormuz. Earlier, President Donald Trump promised to coordinate efforts to fully reopen the key oil shipping route.
As a result, WTI crude oil fell below $100 per barrel, while gold retested the $5,000 mark as support, meeting the 50-day simple moving average (SMA) for the first time since early February.
“BTC and ETH have pushed above $74k and $2,270, respectively, while stocks and gold remain under pressure,” trading firm QCP Capital wrote in its latest “Market Color” analysis.
“If this pattern continues, it's a back quarter plot given crypto's underperforming position and its mostly downward trend of correlation with traditional assets.”
QCP cited the concept of Bitcoin as a competitor to gold in times of uncertainty.
“Recent price action suggests that the narrative of BTC as a ‘digital safe haven' or ‘geopolitical hedge' may be reviving, markets are testing that narrative in real time,” he added.
Traders Still Skeptical of Bitcoin's “Bailout.”
After an impressive weekly close, BTC/USD regained key trend lines as support, but traders were concerned that the latest breakout attempt could be broken.
RELATED: Is $58K BTC Price Still In Play? Five things to know in Bitcoin this week
“Longer-than-expected relief going forward, but in the grand scheme of things, it doesn't matter,” trader Jelle wrote in X's latest market commentary.
“Buy higher lows if proven wrong, but in the meantime; patiently waiting for lows.”
History calls for the continuation of the current bear market to match normal BTC price cycle behavior.
Bull and bear markets have historically lasted about the same amount of time.
If that pattern repeats, we won't even be halfway through this bear market.
Is this time different? $BTC pic.twitter.com/sT7uV4AFE6
— Jelle (@CryptoJelleNL) March 16, 2026
Trader Daan CryptoTrades focused on the latest CME Group Bitcoin futures near $71,500.
“If price starts trading around that area, it's good to keep an eye on it. This level is similar to the upper range,” he told X followers of a recent trip past $74,000.
“So it's not always when the price gets there, but if it does, it's good to watch often because it can act as a reversal zone around there.”
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