Bitcoin (BTC) started the new week below $70,000. While the direction of the US-Iran conflict is being closely watched in both BTC and global markets, an analysis firm has assessed the current situation.
QCP Capital, a Singapore-based cryptocurrency analytics firm, stated that Bitcoin has entered a consolidation phase and is outperforming gold and stocks.
“BTC briefly dropped to $65,000 during quiet hours in Asian markets, but quickly recovered.”
It is currently trading steadily around $67,000 and is maintaining the stability it showed at the beginning of the week after the typical weekend decline.”
Although Bitcoin started the new week with a recovery, it needs strong momentum to continue its upward trend from last week, especially given that the US-Iran conflict remains unresolved.
Analysts also noted that the 10-day pause Trump set for a possible military operation against Iran would end on April 6.
“It was noteworthy that Bitcoin remained in the $65,000 to $70,000 range.”
Since the start of the conflict with Iran, while traditional markets have struggled under geopolitical pressure, BTC has outperformed both gold and major equities.
As Trump’s 10-day pause on attacks against Iranian energy infrastructure approaches its end on April 6, and markets prepare for a potential escalation, BTC is likely to remain within this range.
At this point, analysts note that BTC’s short-term trend will remain largely news-driven.
On the macroeconomic front, high oil prices and risks to critical shipping routes continue to support expectations of stagflation. According to analysts, even if tensions between the two countries ease, the risk of war will remain in the short term.
Finally, analysts who examine derivatives markets say that volatility remained low after the expiration of the monthly option on Friday, and investors are still inclined to buy on dips.
“The overall market structure signals caution, not panic, and a clear upward momentum has not yet emerged.”
*This is not investment advice.