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Bitcoin (BTC) largely ignored geopolitical volatility on Sunday as traders waited for markets’ reaction to developments involving Iran.
Data from TradingView showed BTC price action concentrating around the $67,000 area following the latest round of conflict in the Middle East. With the weekend limiting real-time adjustments in traditional markets, US stock market futures were down 0.65% at the time of writing.
Crypto volatility was present but then cooled, and BTC/USD avoided a major breakout from its local trading range.
Crypto trader and analyst Michaël van de Poppe described the initial response as “positive,” writing that markets were “correcting back down” amid uncertainty around how US markets would open and noting an “outstanding gap” in CME Group’s Bitcoin futures market.
“On the other hand, the 21-Day MA needs to break in order to have a relief rally. I think we'll see it in March/April, question of how we're opening the markets tomorrow and whether it finds a higher low.”
Van de Poppe pointed to Bitcoin’s 21-day simple moving average at $67,627. He also referenced a CME futures “gap” lying to the downside at $65,880.
Another trader, BitBull, said BTC “looks good in the short-term” on a three-day view, adding that a deviation below a support zone had flipped it into support. BitBull suggested a rally toward the $73,000 to $74,000 level could occur.
Other market participants expected more sideways movement in the near term, with trader Crypto Caesar concluding: “We will probably move side ways the next days…”.
Attention also shifted to potential oil price volatility after Iran claimed it was closing the Strait of Hormuz. Although the strait is international waters, it became a holding ground for oil shipping on Sunday, prompting analysis of potential knock-on effects for US inflation.
Trading resource The Kobeissi Letter referenced research by JPMorgan while suggesting that the Consumer Price Index (CPI) could jump to 5%. It noted that the last time US inflation reached 5% was in March 2023, when the Federal Reserve was aggressively hiking rates.
As Cointelegraph reported, recent US inflation prints have outpaced expectations, including Friday’s Producer Price Index (PPI) numbers.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
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