Bitcoin sought a breakout toward a potential BTC price target near $70,000 as Iran news sent oil toward its lowest levels since early March.
Bitcoin (BTC) passed $65,000 at Monday’s Wall Street open as exchange order-book liquidity dictated price moves.
Data from TradingView showed BTC/USD hitting $65,555 on Bitstamp — its highest since Wednesday.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
The move contrasted with US stock markets, which opened lower on continued uncertainty over the fate of the US-Iran peace deal. The mood settled as the US allowed Iranian oil trading for two months.
“Iranian oil is officially returning to global markets for the first time since 2018,” trading resource The Kobeissi Letter responded in a post on X.
US WTI crude returned to near $73 per barrel, marking some of its lowest levels since early March and the start of the war.
CFDs on WTI crude oil one-day chart. Source: Cointelegraph/TradingView
For Bitcoin traders, it was all about nearby pockets of liquidity around the spot price on the day.
“Took out that thick liquidation cluster above $65K. Right after the US Market open. Going to be important where this moves in the next few hours,” Daan Crypto Trades commented alongside data from CoinGlass.
BTC liquidation heatmap. Source: CoinGlass
Trader CrypNuevo eyed a potential trip toward $70,000 should bulls manage to sustain the low-time frame breakout.
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