Can BTC rebound to $69K as oil price plunges? Five things to know in Bitcoin this week
Bitcoin started the week higher as signs of a US-Iran peace deal boosted risk assets and pushed WTI crude below $80. The prospect of reopening the Strait of Hormuz improved sentiment for stocks and crypto, while oil’s drop removed a recent headwind for BTC. BTC rose to around $66,000, and traders are watching for a squeeze toward the $69,000-$70,000 zone, where many leveraged shorts sit. Support around $60,000-$62,000 has held so far, helping bulls. Some analysts still warn the rally could remain range-bound. Attention also turns to the Federal Reserve’s upcoming rate decision. Markets expect no cut, with only a small chance of a 0.25% reduction. Onchain data is mixed: whale selling appears to have stopped, with large holders buying near $61,000 and establishing a floor. But broader “apparent demand” remains negative, suggesting weak overall Bitcoin demand and leaving open the risk of another capitulation move.
