Bitcoin (BTC) saw volatility on Wall Street on Monday as fresh US-Iran war events created volatility.
key points:
- Bitcoin is teetering around the $80,000 mark as risk-asset markets tumble due to Iran tensions.
- The overhead CME futures gap has become the new target for traders seeking evidence of BTC price strength.
- Short-term holders approach breakeven on their unrealized losses.
Iran triggers fresh BTC price volatility with $80,000 at stake
Whipsaw BTC price hits $80,000, data from TradingView shows central focus For both bulls and bears.
BTC/USD one hour chart. Source: Cointelegraph/trading view
News that Iran had attacked a petroleum facility in the United Arab Emirates sent oil prices higher that day, putting pressure on US stocks.
WTI crude rose more than 5% to surpass $105 a barrel, while Brent reached $119 a barrel – close to its highest level in almost three years.
CFDs on one-day chart of Brent crude oil. Source: Cointelegraph/TradingView
Earlier, trading company QCP Capital described Iran’s situation as “fluid”.
“For now, it appears that the market is pricing in less. This calculation could change quickly,” it wrote in its latest market color Analysis.
For Bitcoin, QCP argued that the semi-filled gap in the CME Group futures market is the key resistance hurdle for buyers.
“Opened with a new small CME gap. It is also on track to close the previous large gap from $84K,” trader Dan Crypto Trades continued on this topic. post on x.
“It is good to mark these levels on your charts as they can act as ‘magnets’ and local reversal zones if price trades near/in them.”
CME Bitcoin Futures 15 minute chart. Source: Dan Crypto Trades/X
Bitcoin speculators have almost wiped out unrealized losses
Onchain analytics platform CryptoQuant added another important level as a basis for the total cost of short-term holders of Bitcoin, or speculative investors, for up to six months.
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“The more likely scenario is a cautious recovery effort toward the true price of STH,” contributor CrazyBlock wrote in an article. quicktake blog post.
“A confirmed daily close above $81,500 moves that level from resistance to support, opening the way towards $87-92K. Failure sends the price back to test new currency gains near $76,500.”
Bitcoin total cost base (real value) by UTXO age (screenshot). Source: CryptoQuant
CrazyBlock said long-term holders of Bitcoin were “concerned” about their average 27% unrealized loss.
