Bitcoin continued its upward trend at the opening of Wall Street on Tuesday, with the cryptocurrency mirroring the resilience seen across US equities.
BTC approaches seven-week highs
BTC/USD climbed towards $67,000, reaching levels not seen in nearly seven weeks. Data from TradingView captured this steady advance, as both crypto and stock markets showed upward momentum even amid challenging global developments.
This rise came in the face of significant geopolitical and economic headlines. Tensions escalated further in the ongoing US-Iran conflict, with reports that Iranian forces targeted Amazon facilities in Bahrain in retaliation for US strikes. At the same time, the strategic Strait of Hormuz for oil shipping remained closed, impacting global energy markets.
The effects of these developments were also reflected in commodities, with West Texas Intermediate (WTI) crude oil prices rising to more than $85 per barrel, their highest level in over a month.
Mini dictionary: TradingView, a global online platform that provides real-time financial market data and charting tools for analyzing cryptocurrencies, equities, and other assets.
Meanwhile, US President Donald Trump reportedly plans to introduce new 10% international trade tariffs, following a previous 50% measure implemented on Canadian imports earlier in the week. These economic policies represent potential headwinds for risk assets, including cryptocurrencies. However, traders and analysts suggested that participants were largely unshaken, anticipating that markets would ultimately absorb or adapt to the news.
| Event | BTC/USD Level | WTI Crude Oil |
|---|---|---|
| Approaching recent highs | $67,000 | $85 per barrel |
| All-time BTC high (2021) | $69,720 | – |
Market reactions and sentiment
Observers connected the lack of negative response in crypto and equities to a broader expectation that the conflicts and policy decisions would resolve favorably for markets. Popular YouTube analyst Crypto Rover, who has a significant following, suggested that “markets are pricing in peace” despite escalating headlines.
Caleb Franzen, founder of macro research service Cubic Analytics, expressed confidence about the direction of the S&P 500. He stated he had “zero fear, concern, or worry with S&P 500 futures,” indicating wide optimism among some investors. However, cautionary notes came from senior voices in the traditional financial system.
Jamie Dimon, CEO of investment banking giant JPMorgan, warned that market participants might be underestimating current geopolitical and economic risks, urging a more cautious approach.
Analysts focus on key resistance
While some traders looked for a break towards the $70,000 level, others displayed caution. Keith Alan, who cofounded Material Indicators—a provider of market analysis tools—tempered optimism regarding Bitcoin’s trajectory. He cautioned that, despite recent “golden cross” events involving the 21-day and 50-day simple moving averages, the “bear market” conditions persisted, especially when viewed over longer timeframes.
Alan highlighted that Bitcoin’s 21-week simple moving average, which stood at $69,720, aligned with its all-time high reached in 2021. He pointed out that, in the current setup, “bear markets don’t always look like bear markets, especially in lower timeframes.” Alan also noted the absence of “real resistance” until the $67,250 zone, signaling that a reclaim of this key trendline remains crucial for bullish momentum.
“Bear Markets don’t always look like Bear Markets, especially in lower timeframes,” wrote Keith Alan, emphasizing the importance of monitoring major moving averages for trend confirmation.
