The leading cryptocurrency, Bitcoin (BTC), surged above $78,000 on Friday following positive news from the US and Iran. However, due to escalating military tensions between the US and Iran over the weekend, Bitcoin gave back its Friday gains and fell back to the $74,000 level.
Despite Iran opening the Strait of Hormuz, the US’s refusal to lift the blockade, the US firing on an Iranian merchant ship, and Iran’s announcement that it would not participate in a second round of talks with the US further increased uncertainty. This led to a decline in Bitcoin and the market.
Following these developments, Bitcoin fell to $74,000, gold dropped below $4,800 per ounce, and silver fell below $80 per ounce. In contrast, Brent oil rose above $95.
As Bitcoin continues to be directly affected by developments between the US and Iran, the cryptocurrency analysis platform Makrovision has shared its Bitcoin analysis.
The analysis firm, noting that its April 12 analysis has so far been very clean, said that Bitcoin is now in a very critical zone.
According to analysts, Bitcoin has since continued its expected upward movement and is now once again at a critical juncture.
Analysts say the most important question now is whether the recent rise in Bitcoin will continue, noting that the $73,000-$75,000 level is very critical and that there is still a possibility of rejection from this resistance. This could pull the BTC price down to the $70,000 level. However, if the resistance is successfully broken, the rise could continue.
Bitcoin managed to surpass $75,000 again in the last few minutes.
*This is not investment advice.
