Bitcoin, Ethereum Bounce Amid Hopes for US-Iran Peace Agreement
Cryptocurrency markets are showing signs of improvement following weeks of uncertainty. Bitcoin and Ethereum have gained value, while XRP and Dogecoin have slipped. Analysts believe that a potential peace agreement between the US and Iran could be a driving factor behind these market fluctuations.
According to Coinglass data, over $200 million was liquidated from the cryptocurrency market in the last 24 hours, with bearish shorts making up $137 million. This suggests that short sellers are buying back their positions as the market sentiment improves.
Michaël van de Poppe, a popular cryptocurrency commentator, forecasted Bitcoin's next upward leg to $85,000, where the 50-week moving average sits as key resistance on the weekly chart. Van De Poppe believes that most of the pain of the bear market is already in, and the next leg upwards will be to this area.
The global cryptocurrency market capitalization stood at $2.19 trillion, following an increase of 0.71% over the last 24 hours. The rally coincided with Treasury Secretary Scott Bessent signalling the US and Iran could reach an agreement as early as Wednesday to reopen the Strait of Hormuz.