Bitcoin achieved new six-week highs at the week’s first Wall Street open, but analysis stayed risk-off, arguing that the long-term BTC price downtrend was still in place.
Bitcoin (BTC) hit $74,600 at Monday’s Wall Street open as US stocks gained on Iran war de-escalation signals.
Key points:
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Bitcoin sets another local high near $75,000 after a solid weekly close reclaimed key trend lines.
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Oil and gold both decline as tensions over the Strait of Hormuz ease slightly.
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Bitcoin traders are in no mood to trust the current “relief bounce.”
BTC price rises with stocks amid oil pressure
Data from TradingView showed new six-week highs for Bitcoin while stocks opened up 1.5% as oil and gold fell.
BTC/USD one-hour chart. Source: Cointelegraph/TradingViewGeopolitical headlines steered market moves, with the US saying that it would allow Iranian oil tankers through the Strait of Hormuz. Previously, President Donald Trump pledged to coordinate efforts to reopen the key oil shipping route fully.
Source: Truth SocialAs a result, WTI crude oil fell below $100 per barrel, while gold retested the $5,000 mark as support, meeting its 50-day simple moving average (SMA) for the first time since early February.
“BTC and ETH have pushed above $74k and $2,270 respectively, while equities and gold remain under pressure,” trading company QCP Capital wrote in its latest “Market Color” analysis.
BTC/USD vs. XAU/USD with 50-day SMA. Source: Cointelegraph/TradingViewQCP mentioned the concept of Bitcoin as a competitor for gold during periods of uncertainty.
“Recent price action suggests the narrative of BTC as a ‘digital safe haven’ or ‘geopolitical hedge’ may be resurfacing, with markets stress-testing that thesis in real time,” it added.
Traders still skeptical on Bitcoin “relief bounce”
After an impressive weekly close, BTC/USD regained key trend lines as support, but traders remained concerned that the latest breakout attempt could collapse.
Related: $58K BTC price still in play? Five things to know in Bitcoin this week
“Longer relief bounce than expected, but in the grand scheme of things – it changes nothing,” trader Jelle wrote in his latest market commentary on X.
BTC/USD chart. Source: Jelle/XJelle added that history demanded continuation of the current bear market to match standard BTC price cycle behavior.
Trader Daan Crypto Trades focused on the latest “gap” in CME Group’s Bitcoin futures created over the weekend near $71,500.
“Good to keep an eye on in case price starts trading into that area. This level also roughly lines up with the range high,” he told X followers about the latest trip past $74,000.
CME Bitcoin futures 15-minute chart. Source: Daan Crypto Trades/XThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
Source: https://cointelegraph.com/news/bitcoin-approaches-75k-trader-says-btc-price-squeeze-changes-nothing?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
