US, Iran Talks Stall Bitcoin Breakout at $100K
The recent stalemate in US, Iran talks has put the brakes on Bitcoin's potential breakout towards $100,000. Analysts are closely watching the price action around the $78,000-$79,000 level as a crucial support area.
A successful rebound from this area would strengthen the case for another push toward the bull flag's measured target near $98,000, roughly 18% above current levels. This implies that if BTC can hold above $78,000-$79,000, it could continue its upward momentum.
On the other hand, a sustained move back beneath this level would suggest the breakout has failed, increasing the risk of a deeper retracement toward the $74,000-$75,000 support area. This would be a significant setback for bulls, as it would indicate that the recent price action was just a temporary bounce.
BTC's on-chain structure also supports the broader bullish setup. According to data from CryptoQuant, Bitcoin is trading above the estimated cost basis of its major short-term holder cohorts. The 1-4 week cohort sits near $78,300, while the 1-3 month and 3-6 month cohorts are positioned around $66,300 and $72,300, respectively.