After a long break Bitcoin It exceeded $71 thousand again and this rise in the midst of chaos is quite positive. The BTC jump, which caused gains of over 7 percent in altcoins, raises hopes for this week with ongoing closures above the long-term investor cost zone.
Bitcoin Rise
The strong seller supply in the $69-70 thousand range has reversed for now. BTC The key zone for the market was 70 thousand dollars and it was quickly exceeded. At this stage, we should now see closings above 72 thousand dollars. While gains in altcoins exceeded 5 percent ETH He still hasn’t gotten the $2,100 back. The scenario we are used to for Bitcoin is that $72 thousand is tested and then profit sales begin.
If BTC, which has risen to $ 71,893 for now, continues its trend in the last 4 months, the sellers should come on the scene again after the US market opening and pull the price down. In our evaluations yesterday, we mentioned that if the Iranian agenda cools down, cryptocurrencies can benefit much more from the process, and that they will lose their advantage in an environment where the process is prolonged. NYT claimed today that Iranian officials offered talks to end the war. This is why Bitcoin is rising while oil and USD are weakening.
Since the Iran issue was already priced in, cryptocurrency markets were relieved with the start of the war. Now, they are rising another round due to the potential for the war to end earlier than expected and geopolitics to normalize.
Beware of Cryptocurrencies
Today ADP Employment Change report will come and this is a leading indicator before Friday’s employment reports. Due to the fluctuation in oil prices, the stickiness of inflation, the recovery in employment and GDP growth, interest rate cut expectations have been pushed beyond July, but surprise data may still change the sentiment.
There was a liquidation of $452 million in the last 24 hours, of which $285 million was short positions. In the last 2 quarters, we have rarely seen such periods when short sellers are hunted.
Crypto rise may accelerate in the coming hours with the confirmation of claims that Iran wants to hold talks. Or Iran may reject the NYT claims, opening the door for BTC to lose its gains. In any case, this war is not sustainable and Iranian Since it burns ammunition much faster than last year, it has to sit at the table before it’s too late. The coming hours will be busy for cryptocurrencies.
