US President Donald Trump has made important statements regarding the war with Iran. In a statement, he hinted at a deal and gave Iran two days to open the Strait of Hormuz.
At this point, Bitcoin ($BTC) soared above $70,000 yesterday on a possible US-Iran deal. but, $BTC It retreated back to the $68,000 level today as uncertainty increased as President Trump’s two-day deadline expired. This erased most of the increase from the previous day. $BTC At one point it exceeded $70,000.
The decline came as volatility increased ahead of a deadline for negotiations set by President Trump with Iran, with one analyst noting that the market was still in a wait-and-see phase with no clear direction.
As told to Bloomberg, $BTC Market analyst Rachel Lucas said that Bitcoin sentiment remains bearish in the short to medium term and the market is in wait-and-see mode.
“Bitcoin and the market lack sufficient resolve to extend the rally, but the downside move has not yet caused a definitive breakout. In other words, the bulls do not have enough power to sustain the breakout, and the bears have also failed to cause a definitive breakout.”
Lucas also said that the bullish scenario for Bitcoin and the crypto market depends on two catalysts. The first is the US-Iran deal, and the second is the passage of the Transparency Act, one of the most important laws ever passed by the US.
“The bullish scenario relies on two catalysts: first, a sustainable ceasefire agreement between the US and Iran, and second, oil prices falling below $100.”
The second is the possibility that the U.S. Digital Asset Transparency Act (CLARITY Act) will be passed by the end of April.
Institutional market participants have noted the law as an important sign of deregulation.
As is known, since the beginning of the war, oil prices have risen rapidly, and the value of gold has fallen by more than 10%.
In contrast, Bitcoin has shown relative resilience. Since early March, Bitcoin has been stuck roughly between $65,000 and $75,000.
*This is not investment advice.
