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BTC Bitcoin continues to climb amid geopolitical turmoil
As Wall Street trading week opens, Bitcoin continues its positive momentum, in line with the strong performance of the U.S. stock market. This cryptocurrency is gradually approaching a seven-week high, showing resilience amid global turmoil.
Can Bitcoin maintain its growth trend?
Bitcoin prices once approached US$67,000, hitting their highest level in nearly two months. This rise comes against the backdrop of sharp fluctuations in the global political and economic situation. Although the U.S. -Iran conflict led to an escalation of tensions in the Middle East, Iranian troops attacked U.S. facilities, and the Strait of Hormuz, a strategic artery connecting the Persian Gulf, continued to be blocked, affecting global oil transportation routes and prices, Bitcoin continued to rise.
Affected by this, commodity prices, especially West Texas Intermediate crude oil, exceeded US$85 per barrel, setting a new high in the past month. Despite violent fluctuations in the geopolitical and energy sectors, Bitcoin and stock markets have shown strong resilience to pressure.
How did the market react?
Investors seem to have taken into account potential solutions to these geopolitical issues, and the overall market response has been relatively smooth. As the United States considers imposing new tariffs, risky economic assets face more challenges, but traders have responded to these potential disruptions with relatively calm attitude.
Well-known YouTube analyst Crypto Rover said that in the context of the escalating global situation,"the market is pricing peace." Cubic Analytics 'Caleb Franzen is confident about the direction of the S & P 500, but traditional institutions such as JPMorgan Chase have expressed concerns. Jamie Dimon emphasized that market participants may not yet fully appreciate current geopolitical and economic risks, reminding investors of the need to be cautious.
Market focus remains on key resistance areas, with traders predicting further gains in Bitcoin. The focus of the discussion is whether Bitcoin can break the $70,000 mark. Keith Alan of Material Indicators advised caution, noting that despite recent optimism in indicators, a potential bearish trend may still exist given the simple 21-week moving average.
The US$67,250 level is crucial for Bitcoin to maintain its upward momentum. Bitcoin's historical high of $69,720 is basically in line with the moving average. Current market optimism may underestimate the impact of geopolitical tensions.
In the view of senior analysts, whether Bitcoin can regain its key moving average is crucial for its future trend. Bitcoin could face severe tests in the coming weeks, with geopolitical tensions and potential resistance coexisting and market observers assessing its long-term potential.
