Bitcoin (BTC) slipped below $70,000 at Tuesday’s Wall Street open as macro assets sold off amid renewed tensions in the Middle East.
Key points:
– Bitcoin failed to hold $70,000 as broad selling hit global markets.
– Middle East developments weighed on sentiment, but analysts noted BTC’s resilience.
– Traders remain divided over whether bulls can sustain the current range.
Bitcoin comeback could be in “early stages”
TradingView data showed BTC/USD down about 1.5% on the day, giving back part of an early-week run that reached roughly $71,800. US equities opened lower — the Nasdaq Composite fell near 1% — while gold struggled to clear $4,450. Oil traded closer to $95 per barrel after earlier weakness tied to Iran peace rumors.
Market concern centered on shipping through the Strait of Hormuz after fresh Israeli strikes on Lebanon. QCP Capital commented that US President Donald Trump appeared focused on market stability amid the geopolitical fallout, writing that “with equities hovering near key support and inflation pressures lifting rate-hike expectations, he cannot afford to unsettle markets.”
QCP also highlighted Bitcoin’s “surprising resilience” despite the escalating conflict, suggesting the reaction could reflect lower leverage in the system or possibly “the very early stages of a regime shift for BTC, where it no longer competes with traditional risk assets in the same way.”
BTC price not “out of the woods entirely”
Crypto trader Michaël van de Poppe pointed to a string of higher lows for BTC/USDT since late last month, calling the pattern a positive sign and saying it could precede further strength. He cautioned, however, that those higher lows could attract liquidity and pose risks if price revisits them, adding that if levels hold, BTC could reach $77,000–$80,000.
Other traders warned of downside scenarios. Jelle flagged a potential short-term “Bart Simpson” pattern on low time frames that could see abrupt moves. Analyst Rekt Capital expressed skepticism about the nearby long-term trend line, noting the 200-week exponential moving average (EMA) around $68,300 has recently failed to act consistently as either firm support or resistance. He suggested that this ambiguity could lead to extended sideways action before an eventual breakdown into further macro downside.
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