Bitcoin pushed to fresh six-week highs at the Wall Street open, approaching $75,000, but many market participants remain cautious, viewing the move as a likely short-term rebound rather than the start of a sustained breakout.
At Monday’s US market open, BTC traded around $74,600 as equities rallied roughly 1.5% amid signs of de-escalation in the Gulf. Headlines that the US would permit some Iranian tankers passage through the Strait of Hormuz eased immediate geopolitical risk, sending oil and gold lower. WTI fell back under $100 per barrel, and gold revisited the $5,000 area, briefly touching its 50-day simple moving average for the first time since early February.
Crypto price feeds showed both Bitcoin and Ethereum climbing — BTC above $74k and ETH near $2,270 — while traditional safe-haven assets lost ground. In its market commentary, trading firm QCP Capital noted the contrast, suggesting the price action could be testing the thesis of Bitcoin as a geopolitical hedge and pointing out crypto’s tendency to move with broader markets, especially on downside pressure.
Despite the upside, many traders warned that the advance might be a ‘‘relief bounce’’ rather than the resumption of a bullish trend. After BTC’s strong weekly close, the pair reclaimed several trend lines as support, but momentum skeptics said this doesn’t yet invalidate the longer-term downtrend.
Popular trader Jelle said the bounce has lasted longer than expected but doesn’t change his view of the broader cycle; he’s waiting for a lower confirmation before changing his stance. Others pointed to historical cycle lengths and argued that the current bear phase may still have significant room to run if past patterns repeat.
Technical traders also flagged a CME Bitcoin futures gap around $71,500 that opened over the weekend. Analyst Daan Crypto Trades recommended monitoring that zone: if price revisits the gap, it could act as a local reversal area or a magnet for downside movement, especially since it aligns with the range highs in recent trading.
In short, market participants are split between acknowledging the short-term upside and sticking to a cautious, risk-off view until price action proves a sustainable trend change. This report is informational only and not investment advice. All trading and investing carry risk; readers should do their own research before making decisions.