Bitcoin retakes $71K as US sends Iran 15-point ceasefire plan
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Bitcoin bounced back above $71,000 after US President Donald Trump’s administration sent a proposal to Iran aimed at ending the war.
Bitcoin (BTC) rose back above $71,000 during the early Asian trading hours on Wednesday after Trump’s administration offered a 15-point plan to Iran to end the war, sparking short-term optimism across risk assets.
Bitcoin bounces 4% to $71,500 after President Trump sent Iran a 15-point proposal aimed at ending the war.
Bitcoin faces stiff resistance above $72,000.
Data from TradingView showed BTC price rose as much as 4% to an intraday high of $71,300 from Tuesday’s low of $68,890, recouping all the losses incurred the day prior.
The price reacted to news that the US, through the primary intermediary Field Marshal Syed Asim Munir (Pakistan’s Chief of Army Staff), has sent Iran a 15-point plan aimed at ending the war.
The key elements of the plan include: a temporary ceasefire with calls on Iran to dismantle or severely limit its nuclear program, suspend its ballistic-missile work, and the full reopening of the Strait of Hormuz for safe maritime traffic.
Meanwhile, Iran continues to deny any ongoing talks as Trump delayed his self-imposed deadline for Tehran to reopen the Strait of Hormuz.
Following the news, WTI crude oil dropped 5.75% to $87 per barrel, while Brent crude shed 6% to trade at $98.
Gold extended yesterday’s gains, now up 2.53% on the day to trade at $4,561 at the time of writing.
This move eases inflation fears tied to disrupted shipping through the Strait of Hormuz, positively impacting risk assets, including Bitcoin.
Analysts noted the swift repricing, with Coinlore saying that Bitcoin is now acting as a “real-time sentiment instrument for global risk.”
CryptoQuant analyst Axel Adler Jr said that BTC will “likely remain headline-driven” until the US and Iran send a “public de-escalation signal.”
Despite the rebound, BTC’s upside appears to be capped at $72,000, where the 50-day exponential moving average (EMA) and the upper trend line of a symmetrical triangle converge.
A break above $72,000 would confirm a bullish breakout from the triangle, toward the measured target at $92,400, 30% above the current price.
Glassnode’s cost-basis distribution heatmap reveals concentrated supply and resistance between $72,000 and $74,000, where investors acquired roughly 380,000 BTC over the last 30 days. This indicates that sellers could aggressively defend this zone.
On the downside, a dense accumulation cluster sits around $65,000, where investors previously acquired 160,000 BTC.
This level coincides with the lower trend line of the symmetrical triangle, which, if lost, could trigger the next leg lower toward the bearish target of the triangle at $52,500.
Meanwhile, Capriole Investment’s Bitcoin Macro index has dropped to -1.37, levels seen at the depth of previous bear cycles.
The chart below shows that the metric historically spends a year at or below these valuations before recovering.
“Bitcoin Macro index is in the value zone,” Capriole Investments founder Charles Edwards said in an X post on Wednesday, adding:
As Cointelegraph reported, traders warn of a second bear flag breakdown that could clear the path for another sell-off below $50,000.
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.
Source: CoinTelegraph
