💥BTC Analysis💥
The price of Bitcoin has increased by 3.70% to reach $70,954.31 in the last 24 hours, outperforming the overall market, primarily driven by a geopolitical calming signal. It shows a strong correlation (88%) with the S&P 500 index, indicating a joint move driven by macroeconomic factors.
Main reason: Market recovery after former President Trump's announcement to suspend American strikes on Iran for five days, leading to a quick rebound in global markets.
Secondary reasons: Derivatives pressure contributed to amplifying this rise, with liquidations reaching $175.67 million (up 43.89% in 24 hours) and open trading volume rising by 18.42% due to the impact on leveraged positions.
⚠️ Short-term market outlook: If the price of Bitcoin maintains a level above $70,000, it may re-test the resistance area between $72,000 and $72,800; however, breaking below its recent low of $67,400 warns of a drop towards $65,400. The crucial factor is the results of the U.S.-Iran talks in the next five days.
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