BTC struggles at $70K as Mideast risk weighs on sentiment

Bitcoin (BTC) has once again failed to break above the $70,000 level, with an analysis suggesting that geopolitical risks in the Middle East have impacted market sentiment. CoinDesk reported that market uncertainty increased following reports that Iran had placed sea mines in the Strait of Hormuz, a key channel for global oil transport. The report added that upward market momentum weakened after U.S. Secretary of Energy Chris Wright posted and later deleted a social media message about the United States escorting oil tankers through the strait. Alex Kuptsikevich, an analyst at FxPro, noted that in the short term, the 50-day Simple Moving Average (SMA) near $73,000 is acting as a key resistance level for BTC. This level is serving as a strong barrier, preventing a reversal in the market's direction. Historically, the 50-day SMA has been used as an indicator of medium-term trends. Kuptsikevich analyzed that if Bitcoin can break above this level, it could mark a significant turning point in the coming days.