Quick overview

Live BTC/USD Chart

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Bitcoin’s price surged to a new monthly high of more than $73.5k, displaying a strong breakout. Given the intense geopolitical tension that erupted in the Middle East on Saturday—some analysts have even called it war—this is rather surprising.

ion against Iran, which promptly retaliated against multiple countries in the region. Iran has increased its strikes despite the death of its Supreme Leader during the attacks, and the US President suggested that the conflict might last up to four weeks.

Bitcoin had reversed course and shot up to $68,000 instead of charting new and excruciating losses. In the next few days, it was rejected and driven south to $66,000, but in the last twelve hours or so, it went all out. During this period, the cryptocurrency increased by over $5,000, reaching its highest point in a month.

Markets anticipate that Binance and OKX, two of the most popular local exchanges, are showing massive net buying of BTC, the first day following the Chinese holidays, which lasted for more than a week.

The current rally has been a “solid breakout so far, because of bitcoin’s rise to a month-high. Markets project the bulls shouldn’t let Bitcoin fall below $71,500 because that would be seen as a blatant sign of weakness.