The largest cryptocurrency is holding its breath as a major global deadline approaches. On Tuesday, Bitcoin (BTC-USD) is trading near $68,300 while investors wait to see what happens between the U.S. and Iran. Despite scary comments from leaders and rising oil prices (CM:CL), the crypto market is refusing to panic.
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Bitcoin and U.S. stocks are attempting to stay calm even as President Donald Trump issued a stern warning. Writing on Truth Social before his 8 p.m. Eastern time deadline for a deal with Iran, Trump claimed that “a whole civilization will die tonight” if his demands are not met.
Even with such heavy rhetoric, the stock market has avoided big losses. Many experts believe that investors have already priced in the bad news. The trading group The Kobeissi Letter noted that “markets have become numb to the headlines.” Similarly, the analysts at QCP Capital explained that after weeks of these patterns, “crypto markets continue to exhibit resilience rather than panic.”
Oil Prices Climb While Crypto Waits
While Bitcoin is moving sideways, the energy market is feeling the heat. WTI crude oil jumped past $116 per barrel today, nearing its highest price in almost four years. This happens because investors worry that strikes on Iranian oil infrastructure, like those reported on Kharg Island, could cut off world supplies.
This run-up with high oil prices usually makes investors nervous about risk-on assets like Bitcoin. However, for now, Bitcoin is sticking close to a key long-term trend line known as the 200-week exponential moving average (EMA). As long as it stays above this line, many traders believe the long-term trend is still safe, even if things get rocky in the short term.
Experts Are Divided on Where Bitcoin’s Price Goes Next
Experts are divided on where the price goes next once the deadline passes. Popular trader Michaël Van de Poppe told his followers that the “prime question for this is likely whether there will be a ceasefire in the Middle East or not.”
From a technical view, some think the price might need to sweep the lows and drop a bit further to find enough buyers for a real comeback. Another trader, known as LP, pointed out that there is a lot of “sell pressure” waiting around $71,000 to $72,000, which is acting like a ceiling. On the flip side, there is “strong buy pressure between 63–66K” that should act like a floor if the price starts to slide.
Right now, Bitcoin is simply waiting for the clock to run out.
At the time of writing, Bitcoin’s price is sitting at $68,075.89.
