BTC Catches Bid as Iran Signals Ceasefire: Breakout or Rejection Ahead?
Bitcoin's price has been trading at $65,457 on July 27, up 0.18%, after Iran signaled it would pause hostilities if the US halts military operations. This development is seen as a positive sign for Bitcoin and crypto markets.
The daily chart shows that BTC is currently consolidating between the 20-day EMA at $64,475 and the Bollinger upper band at $66,578. Benjamin Cowen's bear market resistance band has rejected price on every approach since February, and a close above this band would be the first genuine breakout signal of the recovery.
Analyst Michaël van de Poppe flagged Iran's ceasefire signal as a great sign for Bitcoin and crypto markets, calling for a green week ahead. However, Cowen's base case is that the rally will run through late July and then give everything back in August and September, similar to what happened in 2018.