Bitcoin (BTC) remains near the $75,000 mark due to a supply wall while institutional demand stays consistent. Traders are closely monitoring U.S.-Iran peace negotiations during a two-week ceasefire. The CoinDesk 20 index increased by approximately 1.9% in the last 24 hours, outpacing bitcoin’s 1% rise amid news of a potential ceasefire extension and improved risk sentiment.
This uptick coincided with a softer U.S. dollar, which dropped to nearly a six-week low, alongside declining Treasury yields—conditions that typically boost crypto prices by reducing the allure of holding cash. Gold also saw gains, indicating a balance between risk appetite and hedging demand in the market.
However, tensions persist as the U.S. maintains its blockade of Iranian ports, while Iran threatens to disrupt shipping routes in the Persian Gulf and surrounding areas, casting uncertainty over the global economic outlook. Rising energy supply shocks are already influencing inflation expectations, which could alter central bank policies with potential impacts on crypto markets.
On-chain data suggests that bitcoin supply often emerges when prices hit key cost-basis levels for short-term holders, around $76,800—a figure that may serve as resistance as investors seek to break even and realize profits.