According to Svmuu, as geopolitical panic eased over the weekend, Bitcoin rebounded from a low of around $70,500 to $72,100. The previous decline, triggered by failed US-Iran negotiations and tensions in the Strait of Hormuz, saw a short-term recovery. Reports that Iran is considering abandoning highly enriched uranium as a concession to end the conflict boosted risk asset performance; meanwhile, US stocks also recovered early losses, with the Nasdaq turning positive by 0.3%. However, the US blockade of the Strait of Hormuz has officially taken effect, and regional security risks remain uncertain. Crypto-related stocks also strengthened, with Circle up over 8%, and Coinbase and Strategy also recording gains.
Analysis points out that Bitcoin has been consolidating for about 67 days since its low of $60,000 in early February, highly similar to the consolidation cycle before the previous round of decline. Some bears expect the market may test the key support level around $60,000 again. (CoinDesk)