Bitcoin on Tuesday confirmed its impact on the ongoing US-Iran War. The Flahship cryptocurrency surged nearly 4% from the $68,000 USD region to $71,000 USD, showing increased buyer interest after a 19 March close.
Currently trading at $70,900, the Bitcoin trading volume surged 41%. This happened when Trump started talks toward a ceasefire, though there is no official confirmation.
On the other hand, Gulf countries like Saudi Arabia and the UAE have now agreed with the United States to grant access to their Air bases.
The impact was also seen on traditional markets. Gold moved to a record daily drop to 1.5%, and S&P futures fell 0.5%. European shares opened with 0.8% drop, Brent crude jumped 4%, and US Strength was seen at 0.3%.
It’s now important to look at both technical and fundamental factors for BTC/USD.
Why is BTCUSD up today?
Bitcoin price today makes 4% on 24-hour gains, and breaks above $70,000 USD with Conviction. BTCUSD exchanged hands above the 50-day EMA $69,321.95 is a clear sign of trend continuation.
Liquidation data showed the clearance of short positions in the opening session, removing the selling pressure. The increased volume and the metric relative volume indicator at 1.36 signal the rally isn’t weak.
What does the BTC/USD Chart say?
Bitcoin USD on the chart shows signs of consolidation ahead before a bull ride above the $74K zone. RSI at 45.8 shows the asset in neither the overbought nor the oversold zone. MACD leans bullish, the line is above the signal, but the histogram is positive.
Average Directional Index (ADX) is at 23, showing a weakening trend, and the market may face consolidation soon.
Though the price is currently trading above major EMAs, the ultimate resistance is at $74,739.36. This is confirmed by the Bollinger band Indicator that shows Upper band($74,739.36), Lower band($64,823.81), and Middle band at ($69,781.58), The BTC price is now trading near the middle band.
The ultimate next Key support and resistance can be seen at $68,500 and $72,500, respectively.
Market Sentiments on Bitcoin Now.
The Indicators clearly show mixed signals, but a strong hold above $70,000 for Bitcoin with an institutional trader making a string Volume profile between $70 to $72K.Short liquidations of $47 million show buyers’ confidence, while long liquidations stand at $23 million with some profit-taking activity.
With Trump showing uncertainty, even with ease in war raises a big concern about the Volatility of Bitcoin. Investors will go for these risk assets if the volatility is certain. The war situation makes it uncertain.
On the external side, the Spot Bitcoin ETF inflows have resumed into the market. The US SEC proposal for new crypto rules brings a lot of attention to Bitcoin again.
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