Crypto markets recovered around 2.5% after positive signals emerged around a possible Iran ceasefire and the reopening of the Strait of Hormuz, improving overall market sentiment. The move led to nearly $255 million in liquidations, with 73% being short positions, as bearish traders were caught in the bounce. Bitcoin continues to trade near $67,000 in a tight range, with volatility cooling over the weekend. While sentiment has improved, traders remain cautious, as weak support levels and continued selling pressure could still lead to a move lower.
At the time of writing, BTC was trading at $68,928.
BTC witnessed a sharp fall from its all-time high of $126,200. The price plunged by almost 52%, reaching a low of $60,000. Following this move, the asset continues to trade sideways within a range, forming a ‘Rectangular Pattern’ with declining volume. Over the past two months, BTC has faced stiff resistance around $75,000 and has been taking support around $65,000. Breakouts on either side of the range, supported by strong volumes, will further determine the trend for the asset.
Also Read: Bitcoin Price Prediction
Key Levels
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $60,000 | $65,000 | BTC | $75,000 | $80,000 |
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