Bitcoin (BTC) brushed off the latest geopolitical tensions over the weekend, holding steady near the $67,000 mark even as headlines around Iran escalated. With traditional financial markets closed, there was no immediate reaction from equities. Crypto did see a brief spike in volatility, but the move quickly faded. BTC/USD stayed within its recent range, avoiding any decisive breakout despite the heightened uncertainty.
A bigger macro concern brewing in the background is oil. Iran’s claim of closing the Strait of Hormuz, which’s a critical route for global oil shipments, has raised fears of supply disruptions. Even though the strait is classified as international waters, the situation created immediate anxiety around potential oil price spikes and the ripple effect this could have on US inflation and broader risk sentiment.
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At the time of writing, BTC was trading at $66,920.
BTC, after making the all-time high of $126,199, started trading in a downtrend. The price plunged by almost 36% and dropped to $80,600. Post this move, the asset started consolidating and traded in a range from $84,000 to $95,000. BTC finally gave a breakout below this range and made a recent low of $60,000. The asset bounced from the support at $60,000 and gave a relief rally up to $72,270. However, the bulls failed to deliver a follow-through rally. Currently, it is trading in a range from $65,000 to $72,000 with low volumes. BTC has a strong support zone from $65,000 to $60,000, whereas $75,000 and $80,000 will act as strong resistance levels for the asset.
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Key Levels
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $60,000 | $65,000 | BTC | $75,000 | $80,000 |
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