While Bitcoin approached $67,000 as Wall Street opened on Monday, optimism about the ceasefire agreement expected to be signed between the United States and Iran this week supported purchases in risky assets. According to TradingView data, the BTC/USD pair rose approximately 1.5% after the weekly close.
Risk appetite increased with stocks
Developments regarding the agreement also brought a significant rise in the US stock markets. The S&P 500 and Nasdaq Composite Index gained up to 2.4% on the day. This atmosphere in the markets was also reflected in crypto assets.
In one of his latest posts on his Truth Social account, US President Donald Trump stated that oil shipments in the Strait of Hormuz have accelerated again.
Trump stated that the ships passing through the Strait of Hormuz have started to move again, many of them loaded with oil.
Caution continues regarding levels above 67 thousand dollars
However, there is no consensus among traders on whether Bitcoin can continue its rise. Market commentator nicknamed Killa stated that the week could be quite remarkable and emphasized that a possible rejection above $67 thousand should be watched.
The analysis account named JDK argued that it was too early to say that a reliable bottom had formed. However, in the evaluation of the account, it was stated that overcoming a significant resistance and re-entering the price’s previous value area could pave the way for a wider upward movement.
Commentator named Exitpump also stated that weak order book liquidity, both above and below, can move the price up more easily in the short term. CoinGlass data also showed that short positions were liquidated around the US open.
Options market and demand indicators came to the fore
On-chain data platform Glassnode reported supportive conditions in the options market. According to the platform, Bitcoin has re-entered the area where option positions are concentrated around $65,000, and as the price moves into these areas, hedging by market makers may create a stabilizing effect in the wake of volatility.
Mini dictionary: Option exercise price shows the price at which the right to buy or sell will be exercised in an option contract. The heat map, on the other hand, visualizes where position density accumulates at certain price levels.
Glassnode stated that Bitcoin has re-entered heavy options positioning near $65,000, and market makers’ hedging flows in these areas could make the market more stable following volatility.
The platform also noted that there were signs of recovery in general demand after Bitcoin fell to 60 thousand dollars. According to Glassnode, savings propensity scores increased again in different wallet groups; This indicates that the supply was absorbed as investors stepped in after the decline.
