Bitcoin Price Action: Iran's Ceasefire Signal Sparks Breakout Hopes

Bitcoin is trading at $65,457 on July 27, up 0.18%, as it catches a bid after Iran signaled a willingness to pause hostilities.

The price action shows Bitcoin compressing between the bear market resistance band and its EMA cluster, with a descending red trendline from May's peak sloping down through that same zone.

This trendline, known as Benjamin Cowen's bear market resistance band, has rejected price on every approach since February. If it breaks, the next target would be the 100-day EMA at $67,717, followed by the 200-day at $73,421.

Cowen sees a 2018 replay with August losses ahead, while Anthony Scaramucci predicts Bitcoin's market cap will reach $10 trillion. Analyst Michaël van de Poppe flagged Iran's ceasefire signal as a great sign for Bitcoin and crypto markets.