Hopes for a deal between the US and Iran have improved sentiment on financial markets. While traditional assets reacted more quickly, bitcoin is returning to important resistance that could determine the next direction.
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Markets welcome relief, cryptocurrencies remain cautious
Financial markets received a new impulse after news emerged of a possible deal between the US and Iran and the reopening of the Strait of Hormuz for international transport. This region is crucial for global oil trade, and therefore investors are watching any easing of tensions very closely.
The positive sentiment quickly spread to stocks, gold, and silver. The cryptocurrency market, however, reacted more cautiously, which doesn’t necessarily indicate weakness. Bitcoin often waits for confirmation of political and macroeconomic signals before joining the movement of traditional assets more significantly.
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Bitcoin watching the level where a decision may be made
After the previous decline, bitcoin managed to return above the 65,000 USD area. This is precisely where the question is being decided whether this is just a short-term relief or the beginning of a stronger rebound. Traders are mainly watching the zone between 65,000 and 67,000 USD, a breakthrough of which could change sentiment on the market.
At the same time, an interesting signal is coming from the derivatives market. Rising open interest at lower funding rates suggests that the current growth may not be driven solely by excessive optimism. If bitcoin actually breaks through the key zone, the bearish scenario could weaken significantly, and according to BITmarkets, investor attention could shift back to higher price levels.
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