On Monday, Asian stock markets rose, which helped push Bitcoin up a little, thanks to a precipitous drop in oil prices. As of this writing, the top cryptocurrency by market cap was trading around $77,400, an increase of 0.43% over the last 24 hours, as reported by CMC.
There, bitcoin was trading over the $76,940 mark that represents its 50-day simple moving average, which is a widely followed market indicator. Breakouts above this crucial level are usually seen as positive by traders and chart experts, so they keep a tight eye on the market. Significant other cryptocurrencies also saw slight increases.
Ether (ETH) increased by 0.4%, while XRP and Solana (SOL) both increased by 0.6% or more. On the other hand, Bitcoin remained the only one of the three whose prices were trading above its 50-day moving average.
Following a precipitous decline from last Wednesday’s high of over $104 per barrel, futures linked to West Texas Intermediate crude oil fell over 5% to over $91 per barrel. In early trading, Asian shares soared, with the Nikkei gaining over 3%, the Nifty in India climbing over 1%, and the S&P/ASX 200 in Australia adding 0.4%.
Lingering ETF Outflow Concerns
Though the number of tankers allowed across the strait is still far lower than pre-war levels, the Iranian Revolutionary Guard Corps (IRGC) said last week that they had let more than 20 tankers through.
Secretary of State Marco Rubio of the United States recently said that negotiators from Washington and Tehran had “a pretty solid thing on the table” and that a resolution to the hostilities between the two nations may be accomplished by Monday.
Despite almost $2 billion fleeing spot ETFs in the previous two weeks, analysts continued to retain a cautious stance on bitcoin. Finding out whether ETF outflows slow down is the most important indication for crypto. Assuming stablecoin liquidity is strong and long-term investors exercise patience, Bitcoin can withstand a certain amount of institutional selling. Any rise would have a difficult time holding if ETF redemptions continued.
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