Bitcoin price taps $65.5K as Iran deal sees oil drop toward 16-week low
Bitcoin (BTC) passed $65,000 at Monday’s Wall Street open as exchange order-book liquidity dictated price moves.
Key points:
- Bitcoin hits a new week-to-date high despite US stocks rolling over at the start of trading.
- Traders' targets include a move toward $70,000 next.
- Liquidations are described as "completely insane" as both long and short BTC positions get chopped up.
Bitcoin surfs $65,000 as oil eyes new lows
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
“If it rejects here, it will likely try to clean up some liquidity lower. So this is $65K area is a good level to gauge for low timeframe strength/weakness I'd say.”
Trader CrypNuevo eyed a potential trip toward $70,000 should bulls manage to sustain the low-time frame breakout.
BTC/USDT one-hour chart. Source: CrypNuevo/X
BTC sees "insane" multibillion-dollar liquidations
Trading and liquidity analysis account CryptoReviewing, meanwhile, described recent liquidations as “completely insane.”
Bitcoin, it noted, had liquidated $2.5 billion in just seven days.
“Now, $65,000 - $67,000 has sizable liquidity above that could be swept next - potentially leading to higher levels,” an X post read.
“However, $61,000 - $63,000 has significantly larger liquidation clusters stacked up, making this the 'higher probability' zone to visit next.”
A cautionary note came from trader Killa, who noted that Mondays had tended to mark the week’s swing high for Bitcoin in recent months.
“Over the past six weeks, 6 out of 6 Mondays have marked a local pivot high before price moved lower. Worth keeping an eye on if we start seeing strength and a push higher heading into Monday,” they told X followers.
BTC/USD with Monday peaks marked. Source: Killa/X
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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