Bitcoin on Tuesday confirmed its involvement in the ongoing US-Iran war. The Flahship cryptocurrency rose about 4% from the area of $ 68,000 USD to $ 71,000 USD, showing the increased interest of buyers after the 19 March close.
Currently selling for $70,900, the Bitcoin sales volume increased by 41%. This comes as Trump has begun to negotiate an end to the war, although there is no official confirmation.
On the other hand, Gulf countries such as Saudi Arabia and the UAE have now agreed with the United States to grant access to their airspace.
The results were also seen in traditional markets. Gold moved lower on a daily basis of up to 1.5%, and S&P futures fell 0.5%. European shares opened with a 0.8% drop, Brent crude jumped 4%, and US Energy was seen at 0.3%.
It is important now to look at both the technical and fundamental aspects of BTC/USD.
Why is BTCUSD rising today?
Bitcoin price today makes 4% in 24 hour gains, and breaks above $70,000 USD with Conviction. BTCUSD traded hands above the 50-day EMA at $69,321.95 and is a clear sign of trend continuation.
Liquidation data showed the removal of a few positions in the opening session, removing pressure to sell. The increase in volume and the metric indicator at 1.36 indicates that the rally is weak.
What does the BTC/USD chart say?
Bitcoin USD on the chart shows signs of further consolidation before the bull climbs above the $74K zone. The RSI at 45.8 indicates the stock is in an overbought or oversold position. MACD is leaning, the line is above the indicator, but the histogram is positive.
The Average Directional Index (ADX) is at 23, indicating weakness, and the market may experience consolidation soon.
Although the price is trading above the major EMAs, the last resistance is at $74,739.36. This is confirmed by the Bollinger band Indicator which shows Upper band ($74,739.36), Lower band ($64,823.81), and Middle band ($69,781.58), BTC price is now trading near the middle band.
The last key support and resistance can be seen at $68,500 and $72,500, respectively.
Market Opinion on Bitcoin Now.
The Indicators well show mixed signals, but hold strongly above $70,000 for Bitcoin and merchant organizations make a cable Volume record between $70 to $72K.Short liquidations of $47 million show the confidence of buyers, while long liquidations stand at $23 million and other activities take profit.
With Trump expressing uncertainty, even with ease on the war front it raises serious concerns about the volatility of Bitcoin. Investors will go for these risky products if volatility is certain. The state of war creates uncertainty.
On the foreign side, the Spot Bitcoin ETF has also started to hit the market. The US SEC’s proposal for new crypto regulations brings a lot of interest to Bitcoin again.
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