Bitcoin hovered around $67,000 on Sunday as markets absorbed fresh Middle East turbulence and looked ahead to the U.S. cash open. U.S. equity futures were roughly 0.65% lower, while BTC stayed within its recent range. Traders flagged the 21-day simple moving average near $67,627 as a pivot for a potential relief move, and an unfilled Chicago Mercantile Exchange futures gap to the downside around $65,880 as a risk. Momentum hinges on clearing the 21-day MA.
Bullish targets in the $73,000–$74,000 area resurfaced after BTC reclaimed a key support zone. However, some market participants argued the weekend’s geopolitical risk was largely priced in and predicted sideways trade in the near term.
Oil market volatility moved centre stage after Iran’s claim it was closing the Strait of Hormuz. Citing JPMorgan research, The Kobeissi Letter warned US consumer inflation could climb to 5%, noting the last 5% CPI print was in March 2023, when the Federal Reserve was still lifting rates. The alert followed hotter-than-expected US inflation readings, including Friday’s Producer Price Index. Traders eye $74K Bitcoin as oil shock risks stoke the 5% U.S. CPI call.
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