Bitcoin (BTC) built on gains at Tuesday’s Wall Street open as crypto echoed resilient US stock markets.
Key points:
- BTC price action approached $67,000 despite new geopolitical and macroeconomic pressures.
- Neither the US-Iran war nor proposed international trade tariffs were able to disrupt risk-asset upside.
- Bitcoin needed a reclaim of its 21-week simple moving average to challenge the bear market, analysis warned.
Bitcoin, stocks ignore Iran war, fresh US tariffs
Data from TradingView showed BTC/USD approaching $67,000, closing in on seven-week highs.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Upward momentum that began the day showed little signs of stopping despite macro conditions that seem to favor a risk-off mindset.
The US-Iran war saw further escalation on the day as Iran struck Amazon facilities in Bahrain in response to US strikes, while the Strait of Hormuz oil route remained closed.
As a result, WTI crude oil prices reached their highest levels in over a month, nearing $85 per barrel.
CFDs on WTI crude oil one-day chart. Source: Cointelegraph/TradingView
Multiple media reported US president Donald Trump plans to introduce new 10% international trade tariffs. These would follow 50% measures imposed on Canada this week.
Despite these notional headwinds for crypto and risk assets, traders attributed the lack of bearish reactions to expectations that the situation would ultimately resolve in markets’ favor.
“Markets are pricing in peace,” YouTube channel host Crypto Rover summarized in a post on X to their 1.6 million followers.
Caleb Franzen, creator of Bitcoin and macro analysis resource Cubic Analytics, was confident about the near-term trend in the S&P 500 index.
“I reiterate… I have zero fear, concern, or worry with S&P 500 futures looking like this,” he told X followers on Monday.
S&P 500 futures one-day chart. Source: Caleb Franzen/X
To be sure, words of caution came from figures such as JPMorgan CEO, Jamie Dimon, who warned that markets were treating current risks too lightly.
BTC price needs 21-week trendline reclaim: Analyst
While some traders looked for a retest of levels up to and including $70,000, Keith Alan, cofounder of trading resource Material Indicators, was conversely cautious on the BTC price outlook.
Related: Trader maintains $67K BTC price target: Five things to know in Bitcoin this week
Despite a “golden cross” involving the 21-day and 50-day simple moving averages (SMAs) on Monday, the bear market, he warned, had gone nowhere.
“Bear Markets don’t always look like Bear Markets, especially in lower timeframes,” he wrote in his latest X analysis.
“The macro trend will be challenged if Bitcoin pushes above the 21-Week SMA. Until that happens, the Bear Market remains intact.”
BTC/USD one-day chart with 21-week, 50-week SMA.
Source: Cointelegraph/TradingView
The 21-week SMA stood at $69,720 at the time of writing, coinciding with Bitcoin’s then-all-time high from 2021.
Alan acknowledged that there was “no real resistance” until $67,250.