Bitcoin (BTC) climbed toward $70,000 after U.S. markets opened Monday, diverging from broader U.S. stock behavior as traders weighed macro data against geopolitical risk.
Key points:
– Positive U.S. manufacturing data helped BTC gains while geopolitical tensions had limited immediate market effect.
– BTC price action separated from stocks as bulls targeted $70,000 resistance.
– Many traders remained skeptical that a sustained recovery had begun.
BTC eyes $70,000 despite geopolitical tensions
TradingView data showed daily BTC gains of more than 5% at the start of the U.S. session, with BTC/USD reaching $69,788 on Bitstamp — its highest since Wednesday. Market participants noted a straight, upward move for both BTC and ETH at the start of the week.
Some traders pointed to a reduced sell-side impact from major exchanges such as Binance, saying even when Binance sells, prices are not reacting as strongly as before, suggesting a changing market dynamic.
A key catalyst cited was the Institute for Supply Management’s (ISM) manufacturing Purchasing Managers Index (PMI) released the same day. PMI printed above 50, signaling U.S. manufacturing back in expansion after a roughly three-year contraction. Nik Bhatia of The Bitcoin Layer said BTC was trading well on the strength of the PMI and elevated prices paid, noting the reading confirmed a return to growth.
Bear market echoes and caution
Despite the rally, many analysts urged caution. Wealthmanager highlighted $69,000 as an important resistance zone. Some traders warned the move could be a bear-flag formation on daily charts, with RSI and MACD momentum indicators diverging from price and suggesting the potential for another leg down — one trader said he was still eyeing the $52,000 area.
Material Indicators, citing its proprietary tools, flagged similarities with the 2022 bear market. While Trend Precognition algos showed up signals on BTC’s monthly chart consistent with March 2022 patterns, the team warned that new geopolitical risk, tariff uncertainty, and erratic U.S. political conditions could invalidate bullish indications, advising caution.
Material Indicators cofounder Keith Alan pointed to $69,000 as the first key reclaim level for a durable recovery and identified a next resistance around $71,300, noting bulls would need to clear ask liquidity at $70,000 to press higher.
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