Bitcoin fluctuated around $60,000 as Wall Street opened on the first trading day of the week. While the price’s effort to regain support at this level continues, despite the rise in US stocks, the crypto market did not see an equally strong recovery.
Tough fight around $60 thousand
TradingView data pointed to the ongoing struggle on the Bitcoin side to regain the $60,000 level. Although the BTC price approached this region during the day, the upward momentum was not permanent. It was observed that market players took a more defensive stance in the short term, and therefore price movements changed direction frequently.
Glassnode states that buyers have so far failed to demonstrate strong enough belief to initiate a sustained recovery, so the price has remained flat near local bottoms.
Trader Daan Crypto Trades said Bitcoin is trading in a band near the previous June lows, and the around $60,000 region continues to limit the price. According to the analyst, although there are signs of a slightly rising bottom, this picture does not indicate a clear change in power on its own.
US and Iran agenda affected risk appetite
US President Donald Trump wrote in his post on Truth Social that Iran requested a meeting and that the meeting will be held in Doha on Tuesday. While this development strengthened the expectations that tensions between the USA and Iran may decrease, S&P 500 and Nasdaq Composite Index started the week in a positive manner.
QCP Capital noted that although the two sides seem to have taken a step back for now, the picture is still uncertain, and the fact that oil prices remain balanced in the low 70 dollar region offers cautious optimism that the tension may ease.
QCP Capital, however, emphasized that the risk of a re-rise in oil prices is on the table. The trading company assessed that this headline could be a significant pressure factor for crypto assets. Although WTI crude oil fell below $68 per barrel on Friday, it later rose above $70 again.
The company also reminded that the US markets will be closed on Friday and that the process between the US and Iran still maintains its fluid structure. Accordingly, low liquidity conditions may increase volatility. A similar appearance was seen at the weekend.
Onchain data pointed to a cautious picture
Onchain analysis platform Glassnode reported that data on the Bitcoin network offers a more balanced view than before, but the market has not yet emerged from a period of structural adjustment. The platform stated that capital inflows have decreased and participants have taken a more protective position. Glassnode is known as an analysis company that tracks investor behavior by examining data on the blockchain.
Mini dictionary: Onchain data refers to market indicators obtained by tracking transactions and wallet movements directly on the blockchain. Spot order flow shows the direction of actual trading demand on exchanges, while derivative positions reflect the trend in futures and leveraged transactions.
According to Glassnode, the shift of supply into the hands of more speculative investors increases the likelihood of increased price fluctuations. The platform believes that buyer confidence must strengthen significantly for a permanent recovery, as spot order flow, positioning in derivative markets and institutional demand still appear cautious.
