Bitcoin (BTC) has successfully resisted the pressures of geopolitical tensions, trading above $70,000 after a 4% increase in the past 24 hours amidst the ongoing conflict involving the U.S., Israel, and Iran.

Analyst Markus Thielen believes that Bitcoin’s stability under stress suggests a bullish trend that could see the cryptocurrency return to the $70,000 to $80,000 range.

BTC withstood the pressure

In his daily report on March 10, Thielen pointed out that since early February, Bitcoin has shown sideways trading patterns, undeterred by challenges such as disappointing U.S. job data and a sell-off in Korean stocks. He noted Bitcoin’s only drop was to the $66,000 mark, where it found support despite oil prices escalating due to fears surrounding Iran’s potential closure of the Strait of Hormuz.

“As markets start to account for the Iran conflict,” Thielen stated, “Bitcoin is likely to overlook the geopolitical disturbances, paving the way for a move to higher trading ranges.”

This optimistic sentiment reflects broader news trends, particularly after comments made by U.S. President Donald Trump, stating that the war situation was “largely complete.” Following these remarks, oil prices fell below $90 per barrel, while Bitcoin rose to approximately $69,600 before settling around $69,000, with current data showing a range of about $67,000 to $71,200.

Market leverage shifts

Analysts continue to observe Bitcoin’s market structure, especially after significant deleveraging noted since February, according to CryptoQuant analyst Darkfost. He reported that Bitcoin’s leverage ratio has reduced from 0.198 to 0.152 as prices have fallen from $96,000 to around $69,000.

Thielen emphasizes that a reduction in leverage generally points to less systemic pressure, which can stabilize price movements ahead of potential upward trends. This trend coincides with increased short positions dominating the futures markets, indicating that if Bitcoin rises, short covering could amplify the price surge.

For more insights, stay tuned to related articles!