- The news of Iran’s proposal to open the Strait of Hormuz briefly pushed Bitcoin in the $79,000 range.
- Then there was a correction to the $78,000 mark.
Monday morning bitcoin price briefly touched the $79,400 mark, after which it quickly fell, leaving the $80,000 barrier unbroken.
The morning surge was caused by message Iran’s offer to the United States to reopen the Strait of Hormuz briefly boosted risk appetite in the markets. However, the positive momentum quickly faded, and geopolitical tensions once again dominated the markets, causing BTC to fall below $78,000.
Bitcoin Price. Data from CoinGecko
Asian stock markets such as the Nikkei and KOSPI reached record highs, providing minor support to cryptocurrencies and Bitcoin’s attempt to breakout. The $79,000–$80,000 range continues to act as a rebound level, strengthening resistance.
Now Bitcoin is trading just below $78,000. Technical analysis is currently shows 40% of sell signals from 13 indicators, but RSI is still in the neutral zone at 62.
Buy/Sell Indicators. Data from Barchart
Data CoinGlass shows high liquidity for sale, concentrated between the $78,000 and $80,000 levels in two separate clusters.
Analyst Elja identified the $78,000 zone as a former support level turned into resistance on the weekly chart. He believes that if the price fails to close above this level this week, the failure will halt the recovery process.
Liquidation Heatmap, Data from Coinglass
If Bitcoin manages to close above $79,400 this week, its first major resistance level, the next target will be $82,000.
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