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▲ Bitcoin (BTC) ©Coinreaders
Bitcoin stands at a crossroads to determine its direction—the defense of the $70,500 support level has emerged as a key variable that will determine future trends.
According to investment media FXStreet on April 9 (local time), Bitcoin (BTC) has entered a critical technical zone, retesting the 50-day exponential moving average (EMA) near $70,500. Analysis suggests that if this support level is maintained, there is a possibility of resuming an upward trend, but if it breaks, additional selling pressure could intensify.
The biggest variable shaking market sentiment is the uncertainty surrounding a US-Iran truce. Tensions have escalated again as US President Donald Trump reiterated the possibility of military action, and indeed, Bitcoin struggled to maintain $71,000 after being blocked by resistance around $72,800.
Furthermore, Iran's push to demand Bitcoin payments for ships passing through the Strait of Hormuz has highlighted the potential for cryptocurrency use in the real economy. The strait is a critical chokepoint through which approximately 20% of the world's oil supply passes, and if the policy is implemented, it could act as a factor for increasing Bitcoin demand.
However, institutional demand remains cautious. According to SoSoValue data, US-listed Bitcoin spot ETFs saw a net outflow of $124.55 million in one day. This indicates that institutional investors are still hesitant to aggressively expand their positions even after the truce announcement.
Technically, while the upward momentum has not completely broken, there is also a lack of conviction. The Relative Strength Index (RSI) remains in the mid-50s, showing a positive signal, and the Moving Average Convergence Divergence (MACD) also suggests an upward trend, but it still remains below the 100-day and 200-day EMAs, maintaining a medium-to-long-term bearish structure.
In the short term, breaking above $72,600 is key. If it surpasses this, there is room for an ascent to $79,500, but conversely, if the $70,525 support level breaks, a decline to $68,950, and further to $65,872, is possible. Ultimately, the current range is assessed as a 'transition zone' before a directional choice.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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