Bitcoin (BTC) returned to $64,000 on Sunday amid concerns over unreliable BTC price strength.
Key points:
- Bitcoin erases tensions between the United States and Iran despite the closure of the Strait of Hormuz.
- As a result, one trader calls BTC’s price behavior “suspicious,” while targets predict a maximum rise reaching $66,000.
- Binance sell-side pressure remains significant.
BTC Price Ignores New Hormuz Shutdown, Iran Strike Threats
Data from TradingView showed that BTC/USD hit a local high of $64,522 on Bitstamp before reversing to trade 0.5% lower on the day.
BTC/USD one hour chart. Source: Cointelegraph/Trading View
Both countries maintained the bulk of their gains despite further instability in the US-Iran war, with Tehran once again closing the Strait of Hormuz oil route and placing the current peace agreement in doubt.
Israeli strikes on Lebanon are at the heart of the standoff, with Iran warning that last week’s ceasefire could collapse completely. US President Donald Trump responded with defiant rhetoric.
“Iran must immediately stop its highly paid PROXIES in Lebanon from causing unrest,” he wrote in an article on Social truththreatening “harder” strikes against Iran.
Source: Social Truth
Hours before the US futures markets opened, crypto traders were predictably cautious.
“$BTC is pumping with growing geopolitical tensions, which is very suspicious,” trader Lennaert Snyder commented on X.
Snyder nonetheless saw a potential move to $66,000 amid the current rally, predicting an “interesting week” for Bitcoin.
Fellow trader Killa, meanwhile, warned that history favors the week’s high arriving sooner rather than later.
“Monday hasn’t been kind to $BTC lately,” they say. said X subscribers.
“Over the past six weeks, 6 out of 6 Mondays marked a local high point before the price dropped.”
BTC/USD chart with Monday’s peaks marked. Source: Killa/X
Binance Spot Market Sellers Keep Up the Pressure
Analysis of foreign exchange order books raised further concerns.
Related: Bitcoin Expected to Hit “Macro Bottom” Near $50,000 in Q3 as Major Cash Seizure Looms
Commenter Exitpump said short interest on Binance meant it was derivatives markets that were behind the latest price rally.
“Despite the slow price rise, Binance spot continues to sell in the movement. The rise is mainly driven by criminals,” they said. wrote SATURDAY.
BTC/USD 10-minute chart with order book data (Binance). Source: Exitpump/X
Earlier, Cointelegraph reported on continued “aggressive” selling pressure from Binance keeping the bulls in check.
