Bitcoin (BTC) remained at $78,000 on Friday as markets “waited for clarity” regarding the U.S.-Iran war.
Key Points:
- Bitcoin stalled trying to regain $80,000 as US stocks tumble.
- As the analysis shows, good profits are needed to keep share prices rising.
- Next, there is a risk of BTC price support giving way.
Bitcoin joins risky assets by ‘crossing sideways’
Data from TradingView tracked flat BTC price action during Wall Street’s latest session this week.
BTC/USD Hourly Chart. Source: Cointelegraph/TradingView
In the absence of fresh geopolitical signals, risk asset catalysts painted a mixed picture, leading to sideways moves in US stock markets. WTI crude oil, after almost recovering from $100, fell to $95.
CFDs on the 1-hour WTI crude oil chart. Source: Cointelegraph/TradingView
“$BTC and stocks started the week on a hot streak as metals sold off. However, as $OIL has started to rise again over the past few days, risky assets have stalled and are now heading lower,” trader Daan Crypto Trades he replied in the post on X.
“The market is eagerly awaiting resolution of the conflict in the Middle East. The longer it drags on and oil continues to rise, the more pressure will be placed on them.”
Macro asset price comparison. Source: Daan Crypto Trades/X
A day earlier, a Mosaic Asset Company trading source said that positive earnings data would be necessary to keep stock prices rising, with the S&P 500 already reaching modern records.
“As the first quarter reporting season recovers, it will be crucial to monitor forward earnings estimates for any year-to-date trend changes,” it said in its report. latest analysis.
One-hour chart of the S&P 500. Source: Cointelegraph/TradingView
The analyst was “surprised” to maintain BTC price support
Focusing on BTC/USD, trading material indicators showed early signs of a deeper pullback.
Related: Bitcoin price providing the highest gains since the fourth quarter of 2024 with a monthly close of 77.5 thousand. USD
“Liquidity for bids at $76,500 is already weak, as predicted yesterday, and LTF order flow is trending downward,” the report says. he wrote on X, referring to data from one of its own trading tools.
Material Indicators added that it was “surprised” that liquidity for offers below the spot price had not been exhausted.
BTC/USDT order book liquidity data with whale orders. Source: Material Indicators/X
JDK’s trading account analysis referred to the “news-driven pump” as further evidence that the low-time frame rally has been overextended.
“The profile shows that $BTC is at its highest level in the last two days” – an Thread X read and analyze data from the stock exchange order book.
BTC/USDT (Bybit) order book data. Source: JDK/X Analysis
