Bitcoin waits at $68K as hours tick down to Iran deadline

Bitcoin and risk-asset price action tried to brush off new US-Iran war rhetoric just hours before the deadline for a deal passed.

Bitcoin (BTC) stayed near a key long-term trend line at Tuesday’s Wall Street open as markets waited for US-Iran war cues.

Bitcoin and US stocks attempt to shrug off claims by US President Donald Trump that a “whole civilization will die” after his Iran deadline expires.

Oil eyes a rematch with multiyear highs as escalation fears take control.

Bitcoin traders see lower levels resulting from current indecision.

Data from TradingView showed BTC price action focusing on its 200-week exponential moving average (EMA) near $68,300.

Volatility briefly entered prior to the US trading session as President Donald Trump said that “a whole civilization will die tonight,” referring to his 8pm Eastern time deadline for a deal with Iran.

“I don’t want that to happen, but it probably will,” he wrote in a post on Truth Social, while keeping full details sparse.

The post was accompanied by news of strikes on Iranian oil infrastructure on Kharg Island.

Despite this, US stocks managed to avoid major losses on the day, leading commentators to suggest that Iran rhetoric was all but fully priced in.

“Markets have become numb to the headlines,” trading resource The Kobeissi Letter reacted on X.

The day prior, trading company QCP Capital noted that the same geopolitical pattern had been playing out for weeks.

“While the economic and humanitarian consequences of escalation would be severe, particularly via energy market disruption, markets are increasingly discounting the immediacy of this risk,” it wrote in its latest “Market Color” analysis. 

QCP described stocks as “broadly stable,” with crypto showing “resilience.”

“After several weeks of weekend escalation rhetoric followed by early-week de-escalation signals, markets are beginning to recognise and fade this pattern,” it continued.

WTI crude oil nonetheless passed $116 per barrel on the day, coiling below its highest levels in nearly four years.

Commenting on Bitcoin and wider market trajectory, crypto trader Michaël Van de Poppe suggested that an inflection point was coming.

Related: Bitcoin RSI ‘nearly perfectly’ copying end of 2022 bear market: Analysis

“Prime question for this is likely whether there will be a ceasefire in the Middle-East or not,” he told X followers. 

Trader LP flagged overhead resistance making $72,000 a problematic hurdle to clear for bulls.

“Orderbook pressure showed strong buy pressure between 63–66K, which helped drive price toward the 70K region. However, sell pressure is now stepping in around 71–72K, acting as resistance and potentially capping price if it persists,” an X post read.

This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research before making any decisions. Cointelegraph makes no guarantees regarding the accuracy or completeness of the information presented, including forward-looking statements, and will not be liable for any loss or damage arising from reliance on this content.

Source: CoinTelegraph