Bitcoin has stabilized above $70,000, demonstrating notable resilience to recent geopolitical tensions. Analyst Markus Thielen suggests this price stability amid external pressures could signal a bullish trend, potentially setting the stage for a move toward higher price ranges. Market data indicates a deleveraging phase and a surge in short interest, which may fuel a rapid price increase if Bitcoin’s momentum shifts upward.
Bitcoin traded above $70,000, showing resilience to geopolitical turbulence tied to the conflict involving the U.S. and Israel against Iran. Analyst Markus Thielen argued this refusal to crumble under pressure is itself a bullish signal, making a return to the $70,000 to $80,000 range more likely.
Thielen stated that since early February, BTC has mostly traded sideways despite headwinds like weaker U.S. employment figures and a significant rise in oil prices. He noted Bitcoin only retraced toward $66,000, finding support even as oil prices briefly jumped to $120 over fears of Iran closing the Strait of Hormuz.
“As markets gradually start to discount the Iran conflict,” Thielen wrote, “Bitcoin is likely to look through the geopolitical noise, which should support a move toward this higher trading range.” The sentiment found backing from the broader news cycle, with reports emerging that U.S. President Donald Trump had said the war was “very complete, pretty much.”
Oil prices dropped below $90 per barrel shortly after his remarks, with gold touching $5,140 per ounce and the S&P 500 climbing above 6,800. Bitcoin jumped to around $69,600 before settling near $69,000 that day. Its current price shows a 24-hour range of about $67,000 to $71,200, with the asset now just above $70,500.
Market technicians point to significant deleveraging as a stabilizing factor. CryptoQuant analyst Darkfost noted Bitcoin’s Estimated Leverage Ratio on Binance fell from 0.198 to 0.152 as the cryptocurrency dropped from $96,000 to around $69,000. According to the analyst, lower leverage usually means less systemic pressure.
Data from Binance Research shows open interest has gone up some 18% since late February, returning from under $30 billion, while funding rates have stayed low to negative. This combination means a large share of current open interest is from short positions, and if BTC moves higher, forced short covering could add velocity to any rally.
