Bitcoin (BTC) is holding steady above the $71,000 level as global markets react to easing geopolitical tensions. The world’s largest cryptocurrency is currently trading at $71,015 after a 1.2% rise over the past 24 hours. This steady performance comes at a time when macroeconomic forces are once again taking centre stage in driving price action. A key catalyst behind the recent stability is the drop in oil prices , which slipped below $100 following signs of possible de-escalation between the United States and Iran. Lower oil prices tend to calm inflation expectations, which in turn supports risk assets such as Bitcoin. Earlier markets responded quickly to news that planned military action against Iranian power infrastructure had been delayed, easing fears of supply disruptions and reducing inflation concerns. Trump has since offered Iran a 15-point plan to end the war, further signalling the US president’s push for a de-escalation in the Middle East. This shift in geopolitical tensions has helped BTC maintain its footing above $71,000, even as uncertainty still lingers in the background. At the same time, Bitcoin is increasingly mirroring that of traditional financial markets, with recent data showing a strong correlation with equities, although its correlation with gold has dropped drastically , highlighting how closely it is now tied to broader macro trends. Institutional demand rises as market stabilises Beyond macro factors, institutional activity continues to play a major role in supporting Bitcoin’s price. Recent inflows into spot Bitcoin exchange-traded funds have remained solid, signalling ongoing interest from large investors. These inflows provide a cushion during periods of uncertainty, helping to absorb selling pressure and stabilise the market. Another important factor is the sharp decline in liquidations across derivatives markets . With fewer forced sell-offs, price movements have become less erratic, allowing Bitcoin to consolidate in a tighter range. This calmer environment is often a sign that the market is preparing for its next significant move. However, the current phase is not without its challenges. Bitcoin remains caught between competing narratives, acting at times like a risk asset and at other times like a store of value. This dual identity is contributing to the ongoing consolidation, as traders wait for a clearer direction. Bitcoin price forecast: what to expect in the coming days From a trend perspective, the picture remains mixed. Bitcoin is trading above its short-term averages, suggesting near-term strength, but it still sits below longer-term indicators that point to underlying weakness. This creates a situation where short-term rallies are possible, but confirmation of a broader uptrend is still lacking. In the near term, the Bitcoin price will likely depend more on macro developments than technical signals alone. As long as geopolitical tensions continue to ease and risk sentiment improves, the path of least resistance appears to be upward. But if uncertainty returns, traders should be prepared for increased volatility and a potential move lower. From a technical perspective, Bitcoin is currently trading within a well-defined range, with key levels offering clues about its next move. The immediate resistance to watch is around $71,645, which has already proven to be a critical barrier. A successful break above this level could open the door for a move toward $74,864, where momentum would likely be tested again. If bullish pressure continues, analysts highlight that the next major target sits near $75,930, a level that could attract significant selling interest. On the downside, $66,000 is the most important support level in the near term. Holding above this level would keep the current structure intact and support the case for further upside. However, a breakdown below it could lead to a deeper pullback toward $62,620. The post Bitcoin price holds $71K: are bulls gaining control again? appeared first on Invezz
