On Monday, the value of Bitcoin surpassed the $70,000 mark for the first time in a long time. According to data from foreign financial publications, including Bloomberg, the price of Bitcoin showed an increase of 3.5 percent, recording a peak value of $70,200.
Following the market leader, Ether also showed positive dynamics, adding more than 5 percent in price. Such a rapid movement led to a massive closing of bearish bets, the total amount of which over the past 24 hours reached almost $273 million.
Analysts attribute the current volatility to low liquidity due to the weekend in Europe and Asia. In addition, geopolitical factors significantly influenced investor sentiment. The market situation worsened after Donald Trump’s posts on social media. The US President expressed a tough stance on Iran, warning of large-scale consequences if the Strait of Hormuz is not opened for international trade.
“Attacks on Iranian energy facilities could be carried out as early as next Tuesday”, — Donald Trump emphasized.
These statements provoked the opening of a significant number of short positions over the weekend, which were later forcibly closed after the opening of the main trading platforms. At the same time, information appeared about attempts by regional mediators to find a diplomatic solution and achieve a truce. This somewhat reduced tension in the oil market, where prices stabilized below $ 108 per barrel.
Despite political fluctuations, investors continue to show interest in spot Bitcoin ETFs. The net inflow of capital into these instruments over the past week amounted to more than $22 million. Experts note that the current growth is due not to excessive use of credit resources, but to stable allocation of capital by large players.
“Currently, the key support level for the asset is the zone of sixty-five thousand dollars, the breakthrough of which may weaken buying activity”, — noted the financial analyst.
Currently, Bitcoin is trading in a wide range, but it still remains well below its historical maximum of $126,000, recorded in October last year. Markets remember the sharp drop in late February, when strikes on facilities in Iran caused a wave of sales of high-risk assets, which forces traders to act cautiously.
