The Bitcoin price was still doing well yesterday, but it quickly became clear that the bulls only had enough strength for another breakout at 70,000 USD. Then a decline began.
Bitcoin broke 70,000 USD on Monday, but after a moment the bears again took control of the market. As a result, declines began.
Where do these moves come from? It is the result of what is happening in the Middle East. Markets began to play already for the end of the war in Iran. Tehran did not agree to a ceasefire and the US "15-point peace plan". However, it published its "10-point" response.
Iran wants primarily to receive a guarantee that Iran will not be attacked again. This should not be a ceasefire but a permanent end to the war. Israel must stop attacking Lebanon. It also wants the lifting of all US sanctions against Iran.
It does not end there. Tehran wants the end of all regional wars against its allies. In exchange it opened the Strait of Hormuz, but imposed a fee of 2 million USD for a ship that will pass through it. It will share these fees with Oman, and also earmark them for reconstruction instead of reparations. It also pledged to introduce safe passage rules through the strait.
How did President Donald Trump react to all this? He may postpone the end of talks, which is now scheduled for Tuesday at 8:00 PM Eastern Time. He must, however, see that "the agreement is in progress", Axios reports.
It would be the fifth time the US president has postponed the deadline after which his country is supposed to carry out a massive attack on Iran.
See also: Bitcoin price before a big dip? This scenario "will put pressure on the decline of cryptocurrency asset values", says the expert
Bitcoin price still under bear pressure
Currently, one Bitcoin costs about 66,850 USD, which means the same price as yesterday and a decline of 2,5% over 7 days.
Chart. Bitcoin price (BTC/USD)
Source: Trading Economics
Ether is priced at 2,068 USD, which translates to a jump of 0,5% from yesterday and the same value as a week ago.
Chart. Ethereum price (ETH/USD)
Source: Trading Economics
Analyst Michael van de Poppe claims that the Bitcoin price must break through the 71,000 USD level.
"If that happens, I think we will see a significant increase in momentum across all areas, especially since ETH is already showing greater momentum," he added.
After breaking through the zone above 71,000 USD, "the next area will be 86,000 USD, and then we will find ourselves in a mini-run on altcoins," the analyst pointed out.
Read also: Bitcoin price waiting for a crash of about 25k USD? Expert: "Bitcoin could dive even near 45k USD". What next for ETH?
See also: Bitcoin price (BTC/USD, BTC/PLN) before a rally? The breakthrough is there, but hope is lacking
