[Analysis] “Bitcoin holds support at $66,000… could return to the $70,000–$80,000 range”
Summary
- Matrixport said Bitcoin is holding key support levels despite geopolitical tensions and a pullback in global financial markets.
- It said that despite a sharp rise in international oil prices, Bitcoin fell only to around the $66,000 support level, which continues to act as support.
- Matrixport noted that as the market digests the Iran-related geopolitical shock, the likelihood is increasing that Bitcoin will return to the $70,000–$80,000 trading range.
Forecast Trend Report by Period
An analysis suggests that Bitcoin (BTC) is increasingly likely to return to the $70,000–$80,000 price range after holding key support levels despite recent geopolitical tensions and a broader pullback in global financial markets.
On the 10th, crypto-asset (cryptocurrency) services firm Matrixport said in a market analysis posted on X (formerly Twitter) that “Bitcoin has broadly remained range-bound since early February,” adding that “even as geopolitical tensions have risen, U.S. employment indicators have weakened, and global equities have generally undergone a correction, Bitcoin is still showing strong resilience.”
It continued, “Despite a sharp jump in international oil prices over the weekend, Bitcoin fell only to around the $66,000 support level, and that price zone continues to act as support,” explaining that “the likelihood is gradually increasing that Bitcoin will regain bullish momentum and return to the $70,000–$80,000 trading range.”
Matrixport added that as the market gradually absorbs the Iran-related geopolitical shock, Bitcoin may be able to recover back to the upper trading range.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
![Growth rate halves as inflation stays elevated…all three major indexes fall [New York stock market briefing]](https://media.bloomingbit.io/PROD/news/28f7af74-50f6-40f0-a643-3cfb71bc2432.webp?w=250)
