Market Briefly Takes a Breath as Bitcoin Reclaims $65,000

The market has taken a brief breather following the easing of tensions between the US and Iran, which led to a drop in oil prices. This reprieve allowed US stock futures to rebound, with Bitcoin reclaiming $65,000.

However, despite this temporary relief, the author remains cautious, suggesting that the rally may be more due to reduced selling pressure rather than new capital entering the market. The spot buying pressure has not significantly improved, and there is still little appetite for chasing higher prices.

The author notes that Bitcoin's price movements have been characterized by a lack of momentum, with it often seeming to 'rise a little, but always seem[s] to lack that final push.' This sentiment is echoed in the market, with many wondering if the altcoin season is about to begin due to Ethereum's outperformance.

The author remains skeptical, emphasizing that until Bitcoin genuinely breaks out into a clear trend, altcoins are unlikely to sustain independent rallies. The focus this week will be on two key developments: the Fed meeting and whether spot capital is returning.