Bitcoin (BTC) held near $67,000 on Sunday as traders awaited market reactions to tensions in Iran, with oil and TradFi moves in focus but Bitcoin price action largely avoiding a major breakout.
Key points:
– BTC hovered around $67,000 after a volatile weekend linked to Middle East events.
– TradFi market openings and reactions were watched closely; BTC showed limited volatility.
– Concerns over oil price swings rose after Iran said it would seek to close the Strait of Hormuz.
Trader sees $74,000 BTC price rally
TradingView data showed BTC settling around $67,000 following the latest Middle East conflict. US stock futures were down about 0.65% at the time, and crypto volatility spiked briefly before cooling, leaving BTC inside its local trading range.
Trader and analyst Michaël van de Poppe called the early market response “positive,” noting uncertainty about US market openings and a CME futures gap to the downside. He wrote that Bitcoin’s 21-day simple moving average (around $67,627) needs to break for a relief rally and suggested such a rally could occur in March or April, depending on how markets open and whether Bitcoin forms a higher low.
BitBull agreed that the short-term picture looked constructive on the three-day chart, saying a deviation below support had flipped resistance into support and that a rally toward $73K–$74K was possible.
Other traders expected limited near-term upside. Crypto Caesar predicted sideways movement over the coming days, implying geopolitical risk had been at least partially priced in.
Strait of Hormuz tied to next US inflation spike
Markets also tracked the potential for oil disruption after Iran’s actions around the Strait of Hormuz, which briefly affected shipping and raised questions about downstream US inflation. The Kobeissi Letter cited JPMorgan research suggesting US Consumer Price Index (CPI) could jump toward 5%, a level last seen in March 2023 when the Fed was tightening aggressively.
Recent US inflation data, including a stronger-than-expected Producer Price Index (PPI), added to concerns about higher inflation and its implications for markets and monetary policy.
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