Bitcoin price returned to the macro spotlight on Friday as tensions between the United States and Iran weighed on cryptocurrency market sentiment. The price of BTC continued to be lower than it was a few days ago, while the price of Ethereum was near $2,000 and the price of XRP was around $1.30.
the The overall cryptocurrency market has risen 0.83% to $2.48 trillion, although it failed to generate much momentum and continued to face outflows from ETFs.
Bitcoin tracks global risks as tensions between the US and Iran lead to market volatility
ETF data suggests that despite the short-term rally in cryptocurrencies, the appetite for institutional interest remains low.
Bitcoin price rose 0.72% in 24 hours to trade at about $73,712. Despite this, recovery was still slow.
Ethereum extended its decline to $2,000, and XRP was trading at around $1.30. Short-term momentum readings were also weak for both assets.
Bitcoin’s increasing correlation with macro conditions is reflected in the market response. The dollar, oil, interest rates, and stocks are all the focus of investors’ attention.
The ceasefire between the US and Iran hopes to ease pressure across the cryptocurrency markets
The crypto rebound came after speculation that the United States and Iran were making progress toward reaching a diplomatic agreement.
There were reports that a preliminary agreement had been reached to extend the ceasefire. They could also start formal nuclear negotiations.
Iran and the United States are moving towards extending the ceasefire
The United States and Iran have reportedly reached a tentative agreement to extend the ceasefire for another 60 days, according to Reuters.
The proposed agreement would also reopen the possibility of shipping through the Strait of Hormuz while… pic.twitter.com/KPTKLBAfXa
-BSCN (@BSCNews) May 29, 2026
the The US-Iranian agreement Ease of firing will be extended for 60 days. But the matter is still awaiting approval from President Donald Trump.
The market response to oil prices remains the primary focus. Crude oil prices could rise rapidly in the event of any disturbance in the vicinity of the Strait of Hormuz.
Oil prices may start to raise concerns about inflation. It may also reduce expectations of interest rate cuts in the near term.
This would put pressure on Bitcoin and other risky assets. When liquidity prospects are high, cryptocurrencies tend to perform well.
Continued ETF outflows indicate weak institutional conviction
However, despite the recent rise in cryptocurrency prices, institutional demand has been muted, as evidenced by the performance of ETFs.
Net outflows to spot Bitcoin ETFs totaled $229 million on May 28 ET. This was the ninth consecutive day of influx.
Total net outflows from ETH also reached $121 million, with spot ETFs also seeing similar outflows. This was the thirteenth straight day of withdrawals.
Spot Bitcoin ETFs see $229 million inflow on May 28, ninth straight day
On May 28 (ET), Bitcoin ETFs saw total net outflows of $229 million, marking the ninth straight day of net outflows. Ethereum spot ETFs recorded total net outflows of $121 million, representing… pic.twitter.com/3nXsFOpk3A
— Wu Blockchain (@WuBlockchain) May 29, 2026
The flows are continuous and indicate defensive institutions. They have been weak in coming back from market declines.
The Bitcoin derivatives market was also bearish. Open interest rose 0.87% in the last 24 hours.
Bitcoin Price Prediction: Key Level to Watch
The MACD continues to show downward momentum, but the selling pressure appears to be subsiding.
The MACD line remains below the signal line, and the histogram remains negative. The RSI currently stands at 36.92, which is a sign of weak momentum, but improving oversold conditions.
Bitcoin has continued to struggle to hold on to or achieve greater upward momentum in recent days, leading to rejection at around the $75,000 level.
If the recovery attempt fails to get back above $73,000, it is another setback in the current efforts. If this happens, Bitcoin price could retest the $72,000 support and then approach $72,500.
On the upper side, BTC long term forecast $74,000 must be recovered to show early signs of renewed strength. A strong break above this level could lead to the $75,000 resistance area.
