Bitcoin price jumped 2% after the US and Iran agreed to halt strikes to control the Strait of Hormuz. However, top analysts such as Rekt Capital, Markus Thielen of 10x Research, Benjamin Cowen, and Cheds Trading remain cautious about an immediate recovery in Bitcoin and the broader cryptocurrency market.
Pending strikes between the US and Iran spark modest gains for Bitcoin and US stock futures
Bitcoin futures and US stocks rise after reports that the US and Iran have agreed to stop attacks. This comes as peace talks resume in Qatar this week. Axios reported On June 29th.
The conflict escalated after Iran targeted a container ship carrying Qatari oil. The US government revealed retaliatory strikes on Iran after the market closed on Friday. This prompted Iran to strike US military bases in Kuwait and Bahrain, escalating tensions in the Middle East.
Market participants and experts noted that the announcement comes only one hour ago US stock market futures It is set to reopen. “Carbon Copy address every Sunday evening,” Zero Hedge said.
Bitcoin price jumped from a 24-hour low of $58,856 to $60,089. The price is currently trading at $59,856, with trading volume up 24%.
Analysts are cautious amid technical weakness
Although Bitcoin rebounded after the US and Iran agreed to suspend strikes, analysts remained cautious about an immediate recovery. Several factors such as geopolitical, macro and technical are keeping analysts on edge.
Renowned analysts Cheds Trading and Benjamin Cowen noted that Bitcoin saw its lowest daily close since 2024 and its first close below the 200-week moving average (200-WMA) since 2023. The US close came despite… The US Senate passed the War Powers Act.
Rekt Capital predicts that the main resistance price will reach $61,000 and Bitcoin price will fail to cross it for the fourth day in a row. “With new weekly, monthly and quarterly candle closes, it would be wise to wait to monitor those first confirmations to gain additional insight,” he said.
He recommends that investors wait until the June monthly close because that will reveal the levels at which a potential rally will begin in July. Cheds Trading agreed with Rekt Capital on the risk of further decline amid weak technical chart.
Senior analyst Markus Thelen revealed that their Bitcoin trend model turned bearish on May 22, when Bitcoin was trading at $75,600. It has remained bearish despite dip buying sentiment.
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