According to Odaily Odaily, Bitcoin rebounded from a low of approximately $70,500 to $72,100 as geopolitical anxieties eased over the weekend. This followed a short-term correction after a decline triggered by the failure of US-Iran negotiations and tensions in the Strait of Hormuz. Reports that Iran is considering abandoning highly enriched uranium as a concession to end the conflict boosted risk assets; meanwhile, US stocks recovered their early losses, with the Nasdaq turning positive and rising 0.3%. However, the US blockade of the Strait of Hormuz has officially taken effect, and regional security risks remain uncertain. Crypto-related stocks also strengthened, with Circle rising over 8%, and Coinbase and Strategy also recording gains.
Analysis indicates that Bitcoin has been trading sideways for approximately 67 days since its low of $60,000 in early February, a pattern highly similar to the consolidation period before the previous decline. Some bears anticipate the market may retest the key support level of around $60,000. (CoinDesk)
