Bitcoin nears $75K as trader says BTC price squeeze 'changes nothing'

Bitcoin achieved new six-week highs at the week's first Wall Street open, but analysis stayed risk-off, arguing that the long-term BTC price downtrend was still in place.

Bitcoin (BTC) hit $74,600 at Monday’s Wall Street open as US stocks gained on Iran war deescalation signals.

Bitcoin sets another local high near $75,000 after a solid weekly close reclaimed key trend lines.

Oil and gold both decline as tensions over the Strait of Hormuz ease slightly.

Bitcoin traders are in no mood to trust the current “relief bounce.”

Data from TradingView showed new six-week highs for Bitcoin while stocks opened up 1.5% as oil and gold fell.

Geopolitical headlines steered market moves, with the US saying that it would allow Iranian oil tankers through the Strait of Hormuz. Previously, President Donald Trump pledged to coordinate efforts to reopen the key oil shipping route fully.

As a result, WTI crude oil fell below $100 per barrel, while gold retested the $5,000 mark as support, meeting its 50-day simple moving average (SMA) for the first time since early February.

“BTC and ETH have pushed above $74k and $2,270 respectively, while equities and gold remain under pressure,” trading company QCP Capital wrote in its latest “Market Color” analysis. 

QCP mentioned the concept of Bitcoin as a competitor for gold during periods of uncertainty.

“Recent price action suggests the narrative of BTC as a ‘digital safe haven’ or ‘geopolitical hedge’ may be resurfacing, with markets stress-testing that thesis in real time,” it added.

After an impressive weekly close, BTC/USD regained key trend lines as support, but traders remained concerned that the latest breakout attempt could collapse.

Related: $58K BTC price still in play? Five things to know in Bitcoin this week

“Longer relief bounce than expected, but in the grand scheme of things - it changes nothing,” trader Jelle wrote in his latest market commentary on X. 

Jelle added that history demanded continuation of the current bear market to match standard BTC price cycle behavior.

Bull and bear markets have historically lasted similar amounts of time.If that pattern repeats, we're not even halfway through this bear market.Is this time different? $BTC pic.twitter.com/sT7uV4AFE6

Trader Daan Crypto Trades focused on the latest “gap” in CME Group’s Bitcoin futures created over the weekend near $71,500.

“Good to keep an eye on in case price starts trading into that area. This level also roughly lines up with the range high,” he told X followers about the latest trip past $74,000.

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Source: CoinTelegraph