Bitcoin (BTC) returned to $64,000 on Sunday amid concerns over incredible BTC price strength.
key points:
- Bitcoin has eased US-Iran tensions despite the closure of the Strait of Hormuz.
- As a result one trader calls the BTC price behavior “suspicious”, while the target sees a maximum increase to $66,000.
- Binance selling pressure remains considerable.
BTC price ignores new Hormuz closure, Iran attack threats
Data from TradingView showed that BTC/USD hit a local high of $64,522 on Bitstamp before trading down 0.5% on the day.
BTC/USD one hour chart. Source: Cointelegraph/trading view
Despite fresh instability in the US-Iran war, the pair retained most of its gains as Tehran once again closed the Strait of Hormuz oil route. current peace agreement In doubt.
At the center of the standoff were Israeli attacks on Lebanon, with Iran warning that last week’s ceasefire could collapse entirely. US President Donald Trump responded with defiant rhetoric.
“Iran must immediately stop its highly paid proxies from causing trouble in Lebanon,” he wrote in a post. true socialThreatened a “harsh” attack on Iran.
Source: Truth Social
Hours before the US futures markets opened, crypto traders were understandably cautious.
“$BTC is very suspicious due to rising geopolitical tensions,” said trader Lennart Snyder. commented On X.
Still, Snyder sees a potential rise to $66,000 as part of the current bullish trend, predicting an “interesting week” for Bitcoin.
Meanwhile, fellow trader Kila warned that history favors this week’s high coming sooner rather than later.
“Mondays have not been kind to $BTC lately,” he said told X followers.
“Over the past six weeks, 6 out of 6 Mondays have marked a local pivot to higher highs before the price moved lower.”
BTC/USD chart marked with Monday’s peak. Source: fort/x
Binance Spot Market Sellers Maintain Pressure
Analysis of exchange order books raised further doubts.
Connected: Bitcoin’s Q3 ‘macro bottom’ near $50K as major liquidity grab looms
Commentator ExitPump said the low interest on Binance meant derivatives markets were behind the latest price increase.
“Despite prices slowly rising, selling continues in Binance spot. Most are bullish,” he says wrote On Saturday.
BTC/USD 10-minute chart with order-book data (Binance). Source: exitpump/x
First, Cointelegraph reported Bulls remain in check due to continued “aggressive” selling pressure from Binance.
