Bitcoin Goes Up: Bullish Analyst il Capo Sets the Next Target

Bitcoin continued its rise, reaching $67,000, as the ceasefire agreement between the US and Iran supported a recovery in risky assets. However, disagreements persist regarding the short-term direction of the market.

Renowned crypto analyst il Capo of Crypto stated that Bitcoin has regained the $65,000 level, and the next critical zone is the $69,000-$70,000 range. The analyst commented, “$65,000 has been reclaimed. The next key level to regain is $69,000-$70,000.”

According to market data, Bitcoin continued its upward trend on Monday with the opening of US stock markets, gaining approximately 1.5 percent on a daily basis. Progress in the US-Iran peace process and a decline in oil prices also led to increases of approximately 2 percent to 2.4 percent in the S&P 500 and Nasdaq indices.

Traders note that the current movement in Bitcoin is more liquidity-driven than a strong trend buy. Some analysts suggest that BTC may face short-term selling pressure in the $67,000 region, a critical area with high liquidity.

Related News Rising U.S. Treasury Yields Are Putting Pressure on Bitcoin: So Why Is This Happening, and How Do We Recover?

Order book data indicates that market depth remains weak. This makes the Bitcoin price vulnerable to rapid fluctuations in both upward and downward movements. Derivative market data also reveals that the intense short liquidation during the opening of US stock markets increases volatility.

According to Glassnode data, a high concentration of open positions has formed in the options market around $65,000. Hedging activities by market makers near this level could have a supportive effect on the price in the short term and contribute to stabilizing the market structure.

However, some traders remain cautious about the sustainability of the current recovery. According to them, the recent rise should be seen as a “liquidity replenishment” rather than a clear confirmation of a bottom. Therefore, Bitcoin is expected to continue its volatile course in the coming period and test the market with possible pullbacks.

*This is not investment advice.

Source