Bitcoin hovered under $70,000 at Monday’s Wall Street open as traders cited profit-taking and geopolitical uncertainty for the stalled advance.
Market context
Bitcoin briefly reached new April highs around $70,275 on Bitstamp before consolidating. The US trading session opened cautiously amid renewed nerves over the US–Iran situation in the Strait of Hormuz, with US equities similarly subdued. Speaking at a military event, US President Donald Trump warned Iran of severe consequences unless a deal was reached, setting a deadline that added to immediate market uncertainty.
Profit-taking pressure
Onchain analytics provider Glassnode pointed to internal market dynamics as a key reason the price failed to push decisively higher. As BTC approached the $70,000 area, realized profit per hour spiked — a sign of local exhaustion — and a pattern that Glassnode says has repeated since February 2026: approaches to the $70k–$80k band frequently encounter thin liquidity and profit-taking that cap rallies.
Intra-week patterns
Pseudonymous trader LP highlighted a recurring intra-week pattern through 2026, where Mondays and Thursdays often mark the week’s range extremes. The recent move higher into Monday, LP said, raises the odds that the day could form a weekly high, with Thursday potentially becoming the week’s low if the pattern holds.
A breakout trigger
Crypto analyst Michaël Van de Poppe described the market momentum as strong and warned that volatility could accelerate this week as developments in the Strait of Hormuz resolve. He identified $71,000 as a short-term “line in the sand”: if BTC clears that level, he said, a test of $80,000 could follow. Van de Poppe also noted that many indicators and on-chain metrics are extended after recent draws, suggesting the market could see a sharp relief move that flips sentiment quickly.
Disclaimer
This article is for informational purposes only and does not constitute investment advice or recommendations. All trading and investing carry risk; readers should conduct their own research before making decisions.