Bitcoin prices are trending upward as tensions between the US and Iran ease

As market concerns about escalating tensions with Iran have eased, Bitcoin (BTC) prices have begun to stabilize and are currently consolidating around the $70,000 mark.

In previous weeks, the crypto market experienced a sharp sell-off due to soaring global oil prices and deteriorating macroeconomic sentiment. Now, although market sentiment remains cautious, investors are turning their attention to the inflow of funds into institutional ETFs and changes in on-chain supply data to determine whether these factors can propel Bitcoin to break through its current key technical resistance level.

Easing Tensions in Iran Alleviate Price Pressure on Bitcoin

Just two weeks ago, tensions in the Middle East escalated dramatically, with geopolitical panic quickly spreading to traditional financial markets. Bitcoin also faced downward pressure, slipping from above $66,000 to the $63,000 range.

However, this macro-level tension is rapidly easing. On Monday, international oil prices fell in response to former US President Trump's suggestion that the situation in Iran might ease. Risk assets also reacted quickly, with the S&P 500 closing up 0.83% that day. Bitcoin, in particular, showed a rebound in tandem with stock indices, with a daily gain of nearly 4%.

With the easing of external pressures, market focus has returned to policy and fundamentals. Investors are beginning to assess which factors can support future price movements.

Price Analysis: A Key Level That Could Change the Trend

Currently, Bitcoin is trading around $68,800, still facing some short-term selling pressure. Compared to the all-time high of $126,080 reached last October, the current price is still about 42% lower. Therefore, whether Bitcoin can hold its ground in the current area is crucial for the subsequent trend.

From a technical perspective, if it breaks upwards, the next key target is around $75,000. To achieve this breakthrough, sustained increases in trading volume are needed, along with a significant recovery in market sentiment—currently reflected in the Fear & Greed Index at "Extreme Fear" (13 points).

On the downside, $65,000 is currently the most important support level. If this level is breached, bears may exert renewed pressure, pushing the price towards the previous low near $63,000. A break below $60,000 would mean a significant blow to institutional confidence. As long as the price can hold above $65,000, the foundation for this rebound remains intact.

What will the market focus on next?

In the short term, whether Bitcoin can effectively hold above $70,000 is key to determining whether it can reach higher levels before mid-month. Before the US trading session begins, bulls need to hold the $65,000 support level.

At the macro level, the main variables influencing market trends remain the price movement of crude oil and further developments in the Middle East. Despite recent significant macroeconomic disturbances, if institutional buying continues to return, Bitcoin still has a chance to completely escape the risk zone of "breaking 60,000" this week

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