Bitcoin returned to the $64,000 level on Sunday. However, this rise in price did not convince all market participants. While it is noteworthy that BTC did not experience a sharp retreat despite the re-escalation of tensions between the USA and Iran, some traders approached this situation cautiously.
Price remains strong despite geopolitical tension
According to TradingView data, BTC/USD parity rose to $64,522 on Bitstamp. The parity then changed direction and traded down by approximately 0.5% during the day. In contrast, Bitcoin maintained most of its intraday gains.
This movement in the market coincided with new developments in the Middle East. It has been reported that the Tehran administration has closed the oil passage in the Strait of Hormuz again and the question marks regarding the current peace process have increased. While tensions rose further after Israel’s attacks on Lebanon, Iran warned that last week’s ceasefire could be completely broken.
In his Truth Social post, US President Donald Trump argued that Iran must immediately stop its highly financed proxies in Lebanon and threatened harsher attacks on Tehran.
Hours before the opening of the US futures markets, a cautious outlook came to the fore in the cryptocurrency market. Bitcoin’s upward move in an environment of increasing geopolitical pressure was considered unusual by some short-term traders.
Traders approach the rise cautiously
Cryptocurrency trader Lennaert Snyder stated in his evaluation on X that he found the rise in Bitcoin with increasing geopolitical tension suspicious. Despite this, he predicted that the current movement could extend up to 66 thousand dollars, so remarkable price fluctuations could be seen throughout the week.
While Lennaert Snyder stated that the rise in $BTC price seems doubtful amid increasing geopolitical tension, he pointed out that the current momentum could open up space up to $66,000.
Another market commentator, Killa, reminded that Mondays have not been strong for Bitcoin recently. He argued that the historical course indicates that the peak of the week may occur earlier.
Selling pressure on Binance is being monitored
Stock market order book data also raised questions about the nature of the rise. Commentator Exitpump stated that short interest on Binance was effective in the recent rise, so the movement was mainly carried by derivative markets.
According to the same evaluation, selling pressure continues in the Binance spot market. Even though the price is gradually rising, it seems that this rise is accompanied by selling on the spot side, so buyers cannot fully take control. It was previously reported that the aggressive selling pressure originating from Binance limited bullish investors.
Binance is among the world’s largest cryptocurrency exchanges in terms of transaction volume. Therefore, spot and derivative flows on the platform are closely monitored for Bitcoin’s short-term price direction.
