Bitcoin, the leading cryptocurrency, broke through a significant psychological resistance level late over the weekend, surpassing $80,000. Gaining approximately 2.6% in the last 24 hours, Bitcoin rose to $80,150, while a general upward trend was observed across the market. Ethereum increased by 3.6% to $2,382, and XRP rose by 2% to $1.41.
Analysts note that this rise signals a significant technical breakout. Nick Ruck, Director of LVRG Research, stated that surpassing the $80,000 level indicates a return to upward momentum in the short term. Dominick John, an analyst at Zeus Research, emphasized that this move largely created a “short squeeze” effect, resulting from the liquidation of short positions.
This volatility in the markets is closely linked to geopolitical developments between the US and Iran. US President Donald Trump announced “Project Freedom,” an initiative aimed at rescuing commercial ships stranded in the Strait of Hormuz. However, Iranian officials warned that such an intervention could violate the ceasefire.
On the other hand, institutional investor interest continues to grow. Spot Bitcoin ETFs in the US recorded net inflows for the fifth consecutive week, attracting a total of $153.8 million last week. Experts say this trend strengthens Bitcoin’s position as a strategic asset in portfolios.
Analysts say that US labor market data and news flow from US-Iran talks in the coming days will be decisive in determining the direction of the market.
This is not investment advice.
