Bitcoin ($BTC) experienced a decline in the initial days of the US-Iran conflict, but subsequently made a significant recovery.
As Bitcoin surged above $73,000, altcoins mirrored $BTC’s gains. Ethereum (ETH) rose 6.9% to $2,240, XRP increased 3.8% to $1.47, and Solana (SOL) increased 6.5% to $93.2.
With Bitcoin expected to continue this recovery, a move above $80,000 is being considered.
Speaking to The Block, Bitrue research leader Andri Fauzan Adziima attributed Bitcoin’s recovery, nearing $74,000, to strong spot ETF inflows, short squeeze, and increasing institutional investor interest.
According to the data, there was a total net inflow of $767.3 million into spot Bitcoin ETFs over all five trading days last week.
Adziima noted that this rise in Bitcoin occurred despite the ongoing US-Iran conflict, which continues to fuel global uncertainty, and tensions surrounding the potential closure of the Strait of Hormuz.
This has revealed Bitcoin’s role as digital gold.
The analyst stated that Bitcoin is currently at a critical point, adding that there is a potential for a rise above $80,000.
“This recovery appears less like the definitive start of a prolonged bull rally and more like a solid rebound bounce from the lows around $60,000.”
The bull market needs sustainable momentum, but a price above $80,000 seems possible if entries continue.
At this point, the $70,000-$71,000 range will be an important support level for Bitcoin this week. A break above the $73,000-$74,000 region could lead to a rise towards $80,000.”
Zeus analyst Dominick John said that a clear break above $75,000 in Bitcoin is crucial for “the continuation of a stronger uptrend.”
*This is not investment advice.