Bitcoin faced its own battle for support as US stocks headed higher and analysts warned of a lack of "conviction" among BTC buyers.
Bitcoin (BTC) struggled near $60,000 around Monday’s Wall Street open as bulls increasingly risked a support/resistance flip.
Data from TradingView showed an ongoing battle to regain control of $60,000, with BTC price strength again failing to keep pace with US stocks.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
The S&P 500 and Nasdaq Composite Index both started the week in the green amid renewed optimism of rescuing the US-Iran peace deal.
In a post on Truth Social, US President Donald Trump wrote that Iran had "requested a meeting,” which would take place in Doha, United Arab Emirates, on Tuesday.
S&P 500 four-hour chart. Source: Cointelegraph/TradingView
Commenting on the latest events, trading company QCP Capital nonetheless cautioned over the potential for oil prices to rebound — a key potential headwind for crypto.
“While both countries appear to have agreed to stand down for now, the situation remains uncertain. That said, oil prices have remained largely stable in the low $70s, suggesting cautious optimism that tensions may ease,” it wrote in its latest Market Color analysis.
CFDs on WTI crude oil four-hour chart. Source: Cointelegraph/TradingView
On Friday, WTI crude fell below $68 per barrel for the first time since early March, but was back above the $70 mark at the time of writing.
“U.S. markets are also set to be closed on Friday, while the situation between the U.S. and Iran remains fluid, leaving volatility likely to stay elevated, partly driven by thinner liquidity conditions, similar to what we saw over the past weekend,” QCP added.
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