Required containers
- Bitcoin is holding close to $69K as tensions over Iran make markets cautious.
- Rising oil prices and inflation concerns are easing, but strong ETF inflows and institutional support are helping BTC stay strong.
Bitcoin is trading sideways near $69,000 as investors remain cautious amid growing tensions over the Iran conflict.
The leading cryptocurrency briefly pushed past $70,000 on Monday – its first move past that level since March – but failed to hold on.
Geopolitics governs market sentiment
The situation in Iran continues to increase the global threat. US President Donald Trump has warned of dire consequences if an agreement to reopen the Strait of Hormuz is not reached by Tuesday’s 20:00 ET deadline.
Iran has rejected demands for a 45-day ceasefire, instead calling for an end to hostilities and the lifting of sanctions.
For Bitcoin, this is very important – higher oil prices will fuel inflation, push the Treasury to issue more surpluses, and strengthen expectations that the Federal Reserve will keep interest rates high for a long time.
Despite this, Bitcoin has been doing better than other traditional markets. Although it has not yet ended, its ability to maintain levels of more than $65,000 shows the support from the positions and the importance of the institutions.
Meanwhile, gold has lost more than 10% of its value as investors discount expectations of a Federal Reserve rate cut this year.
The decline in Bitcoin ETFs has been a significant factor. After four consecutive months of outflows, March saw $1.2 billion in total inflows. Momentum continued in April, when ETFs recorded $471.3 million in inflows in a single day — the largest since February.
These entries have helped keep Bitcoin’s price stable, although resistance near $76,000 continues.
For Bitcoin to soar, a well-known catalyst is needed. A ceasefire between the US and Iran would be important, especially if raising oil prices below $100 a barrel and reducing inflationary concerns.
Technical prediction: Bitcoin retargets $70k resistance
The 4-hour BTC/USD chart remains stable and active as Bitcoin continues to defend the $65,000 support level.
The price has recovered from this low and is testing resistance around 69k, the 50-day EMA, and the lower band of the uptrend.
The RSI of 61 on the 4-hour chart is above the neutral zone, which indicates a bullish trend. The MACD lines are also above the zero line, adding to the bullish narrative.
Buyers will need to rise above $69,000 to bring $74,000, in the middle of a rising channel and a strong downward trend from October’s record high of 126,000.
A rise above the resistance level of $74,000 would allow BTC to test above March 76,000 in the near future.
However, failure to rise above will see the bears push the price towards the $65,000 support level again.
