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BTC Bitcoin (BTC) extended its gains at the opening of Wall Street on Tuesday, and the cryptocurrency market followed the strong performance of the U.S. stock market.
Key Points:
Despite new geopolitical and macroeconomic pressures, BTC prices are still moving closer to US$67,000.
Neither the U.S. war with Iran nor proposed international trade tariffs have prevented the upward movement of risky assets.
Analysis warns that Bitcoin needs to recover its simple 21-week moving average to challenge the bear market.
Bitcoin and stock markets ignore the Iran war and new U.S. tariffs
Data from TradingView shows that BTC/USD is approaching US$67,000, close to a seven-week high. 
One-hour chart of BTC/USD.
Although the macro environment seems to be biased towards risk aversion, the upward trend since the opening of the day shows little sign of stopping. The war between the United States and Iran escalated further that day. In response to the U.S. attack, Iran attacked Amazon facilities in Bahrain, while the oil transportation route in the Strait of Hormuz remained closed. As a result, WTI crude oil prices rose to their highest level in more than a month, close to US$85 a barrel. 
One-day chart of WTI crude oil CFDs.
Multiple media reports say U.S. President Donald Trump plans to implement a new 10% international trade tariff, after imposing a 50% tariff on Canada this week. Although these factors pose nominal resistance to cryptocurrencies and risky assets, traders attributed the lack of bearish response to market expectations that the situation will eventually resolve in favor of the market. "The market is pricing peace," YouTube channel host Crypto Rovers concluded to his 1.6 million followers on Platform X.
Caleb Franzen, founder of Bitcoin and macro analysis resource Cubic Analytics, is confident in the short-term trend of the S & P 500 index. "I repeat... I have no fear, worry or anxiety when I see a move like this in S & P 500 futures," he told fans on Platform X on Monday. One-day chart of S & P 500 futures.
Of course, there are voices of caution, such as JPMorgan CEO Jamie Dimon warning that the market is handling current risks too lightly.
Bitcoin prices need to regain 21-week moving average: Analysts
While some traders seek to test higher levels, including $70,000, Keith Alan, co-founder of trading resource Material Indicators, is cautious about the outlook for BTC prices. Despite a "golden cross" between the 21st and 50th simple moving averages on Monday, he warned that the bear market had not disappeared. "Bear markets don't always look like bear markets, especially in lower time frames," he wrote in the latest X Analysis. "If Bitcoin breaks through the 21-week moving average, macro trends will face challenges. Until then, the bear market remains intact." 
One-day chart of BTC/USD with 21-week and 50-week moving averages.
As of press time, the 21-week simple moving average is at US$69,720, which is in line with Bitcoin's all-time high in 2021. Alan admitted there was "no real resistance" before $67,250.
