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Bitcoin price prediction as BTC reaches weekly high despite US-Iran tensions

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Bitcoin price prediction as BTC reaches weekly high despite US-Iran tensions - 2

The price of Bitcoin climbed to a weekly high on March 13, defying geopolitical concerns tied to rising tensions between the United States and Iran.

Summary

  • Bitcoin price reached a weekly high near $72,000, holding above the $70K level.
  • Negative funding rates on Binance suggest many traders are still shorting the rally.
  • A potential short squeeze could push BTC toward $75K if the rebound continues.

Bitcoin (BTC) was trading around $71,400, up about 1.2% on the day, according to the chart data, after briefly touching an intraday high near $72,000. The move pushed the world’s largest cryptocurrency back above the key $70,000 psychological level.

The rebound comes despite a fragile macro environment. Ongoing geopolitical tensions and concerns surrounding global oil markets have weighed on broader risk sentiment, conditions that typically make it difficult for speculative assets like Bitcoin to outperform.

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However, on-chain data suggests that many traders remain skeptical about the rally.

According to market insights from CryptoQuant, derivatives market positioning shows a growing bearish bias among investors. Funding rates on Binance have remained negative for roughly a week, indicating that a majority of leveraged traders are betting against further price gains.

Bitcoin price prediction as BTC reaches weekly high despite US-Iran tensions - 2

On March 10 and March 11, funding rates on Binance reportedly dropped below −0.006, an unusually negative level that signals strong short positioning in the market.

This dynamic could paradoxically support further upside for Bitcoin.

Historically, when funding rates reach extreme levels and a strong consensus forms around a bearish outlook, markets sometimes move in the opposite direction. If Bitcoin continues to push higher, short sellers may be forced to close positions, triggering a short squeeze that could accelerate the rally.

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Bitcoin price analysis

The attached chart shows BTC gradually recovering from its February lows near $63,000, forming a sequence of higher lows in recent weeks.

Bitcoin price prediction as BTC reaches weekly high despite US-Iran tensions - 3
Bitcoin price analysis | Source: Crypto.News

Momentum indicators are also improving. The relative strength index (RSI) is around 54, suggesting bullish momentum is building while still remaining far from overbought territory.

Meanwhile, the Awesome Oscillator (AO) has shifted from deep negative territory in February to positive green bars above the zero line. The steady transition from red to green histogram bars indicates that bearish momentum has faded and bullish momentum is strengthening.

Importantly, the AO shows increasing positive bars in recent sessions, which typically signals growing upside momentum as short-term market strength begins to outpace the longer-term trend.

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From a technical perspective, $72,000 represents the immediate resistance level. A confirmed breakout above that area could open the door for a move toward $75,000.

On the downside, $68,000–$69,000 acts as key support, while the $70,000 level remains a critical psychological threshold for maintaining bullish momentum.

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Crypto World

Pyth soars 9% following Polymarket integration. Will it rally higher?

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Pyth soars 9% following Polymarket integration. Will it rally higher?

Key takeaways

  • PYTH is up 9% in the last 24 hours, outperforming other major cryptocurrencies.
  • The rally comes following Pyth Network’s integration with Polymarket.

PYTH, the native coin of the Pyth Network, is one of the best performers in the crypto market over the past 24 hours. It could rally higher in the near term as the broader market recovers from Thursday’s slump.

PYTH rallies on Polymarket integration

On Thursday, Pyth Network revealed in a blog post that Polymarket, the world’s largest prediction market platform, has integrated Pyth Pro as its data source for a new suite of traditional asset contracts.

The initial offerings include gold, silver, and major equity index ETFs. Polymarket now relies on Pyth Pro’s data to power its daily up/down and daily close markets, with live price charts updated every second to ensure full transparency.

The integration has seen PYTH rally by 9% in the last 24 hours and now trades at $0.0420 per coin. 

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Pyth Pro provides real-time price data through WebSocket, which Polymarket samples every second to display as a live “price to beat” chart. This allows traders to monitor the market’s status relative to their position in real-time.

The selected assets span a wide range of traditional finance, including major equity indices, commodities like gold, silver, WTI crude, and natural gas, along with over a dozen high-profile U.S. equities such as TSLA, COIN, and PLTR.

Polymarket has integrated this real-time data as a key component of its perpetual futures trading platform. Pyth Pro delivers institutional-grade market data directly from top firms, ensuring it is accurate, transparent, and affordable across all asset classes and regions.

To enhance this, Pyth has partnered with industry leaders and government agencies like Cboe, Jane Street, Revolut, and the U.S. Department of Commerce. This collaboration has helped establish a new model to make market data more accessible, accurate, and transparent.

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PYTH eyes $0.050 as bulls step in

The PYTH/USD 4-hour chart is bearish and efficient despite the coin adding 9% to its value in the last 24 hours.

The technical indicators have flipped bullish, indicating that the bulls are now in control of the market. The RSI of 63 is well above the neutral 50 and would enter the overbought territory if the rally persists.

PYTH/USDT 4H Chart

The MACD lines are also within the positive region, indicating a strong bullish bias. If the rally continues, PYTH could retest the $0.050 psychological level for the first time since March 17.

However, if the bears regain control, PYTH could retest the Thursday low of $0.038 over the next few hours or days.

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Drift Seeks Contact With The Hacker After $280M Exploit

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Drift Seeks Contact With The Hacker After $280M Exploit

Drift Protocol, a Solana-based decentralized exchange (DEX), said Friday it had opened onchain contact with wallets tied to funds stolen in the exploit that outside firms have estimated at roughly $280 million to $286 million.

Drift said on X that it had initiated onchain contact with wallets holding the stolen Ether (ETH), seeking to open a line of communication.

The team sent onchain messages from its Ethereum address (0x0934faC) to four wallets linked to the exploiter at the time of publication, urging the attacker to reach out via Blockscan chat. “We are ready to speak,” Drift said.

Onchain messaging has become a common tactic in exploit response, allowing protocols to communicate directly with attackers while preserving anonymity. In past cases, such as the Euler Finance hack, similar outreach led to the partial recovery of funds.

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Drift’s onchain message to the Drift Exploiter on Friday. Source: Etherscan

Anonymous sender tries to pressure the attacker

Drift’s communication came hours after an unknown sender using the ENS name readnow.eth also reached out to wallets linked to the attacker on Thursday via onchain messages.

The sender claimed to know the identities behind the attack and demanded a payment of 1,000 ETH in exchange for withholding information.

Source: Etherscan

The claims could not be independently verified and may represent an attempt to mislead or pressure the wallet holder. The incident highlights how, alongside official communications, unverified messages can circulate onchain after crypto exploits.

Solana fallout keeps spreading

According to SolanaFloor, Drift’s exploit has so far affected at least 20 Solana protocols, including the decentralized finance (DeFi) platform Gauntlet, which was estimated to be impacted to the scale of $6.4 million.

Blockchain security platform Cyvers said the impact was still expanding as of Friday morning, with no funds being recovered 48 hours past the attack.

Cyvers said that the attack was likely a “weeks-long, staged operation,” noting that the attacker set up durable nonces, a Solana feature allowing users to pre-sign transactions for future execution, days before the exploit.

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Related: Crypto hackers steal $169M from 34 DeFi protocols in Q1: DefiLlama

“This closely mirrors the Bybit hack, different technique, same root issue: signers unknowingly approving malicious transactions,” Cyvers added.

Some industry observers, including Ledger chief technology officer Charles Guillemet, suggested the exploit may involve North Korea-linked actors, though details remain unconfirmed.

Magazine: Nobody knows if quantum secure cryptography will even work

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