Bitcoin has been low since Monday, re-posting 63,500 dollars above. While the market digests the flow of United States-owned bitcoin ETF funds while it looks at whether the US and Iran have extended the ceasefire negotiating arrangements, geo-information has repeatedly led to continued risk bias.
ETF financial flows continue to be under pressure
Reports indicate that bitcoin fell earlier to $62650 and then to 63,600 above, recovering most of the fall in the day. With the price rebounding, 24 hours of trading rose to about $14.8 billion.
However, the financial context is not easy. The current bitcoin ETF in the United States combined net outflows last week was about $390 million, not only reversing the net inflows of the previous week, but also the largest single-week outflows in nearly six weeks.
There's still no confirmation of the negotiations.
Market fluctuations coincided with news of the situation in the Middle East. According to regional media, the United States and Iran had agreed to extend the framework for the 60-day ceasefire negotiations, but neither Government had publicly confirmed this statement as of the date of the submission.
Previously, the Iranian Ministry of Foreign Affairs had stated that the so-called 60-day negotiation process had not really started. With the 17 August deadline, the parties have still not issued a final peace agreement and the market is cautious about the follow-up.
Access to the Strait of Hormuz.
At the time of the diplomatic deadline, the volume of shipping in the Strait of Hormuz remained well below pre-war levels. According to the data, only 5 goods carriers passed through the Strait last Saturday, and no ships were passing on Sunday, while the average daily traffic before the conflict in February this year exceeded 130.
Trump also indicated on Monday that if Oman interferes with United States targets on issues related to Iran and the Strait of Hormuz, the United States side may take military action. At the same time, he reiterated that preventing Iran from acquiring nuclear weapons remained the primary objective.
Top resistance looks at $65,500.
From a short line, $61900 to $62,500 remains the main support belt for bitcoin, which has been taken over for purchase several times before. After the Monday rebound, the BTC returned to critical positions near $63,500.
The resistance above is concentrated between $64900 and $65,500. If the follow-up station is stable at $65,500, the market focus may turn to the region of $67,200 to $67,500; if it falls at $61900, the lower range of $59,000 to $60.00 may be given renewed attention.