Bitcoin Price Surges to Monthly Highs, Gains Over $10K Since USA-Iran Strikes Began

On-chain data reveals strong buying interest from whales just a day after the Chinese holidays ended.

Bitcoin’s price has finally shown strong signs of a solid breakout, skyrocketing to a new monthly peak of over $73,000 earlier today.

This is rather unexpected given the massive geopolitical tension, even referred to as war by some analysts, that broke out in the Middle East on Saturday.

At the time, BTC dumped to $63,000 after the US and Israel launched a military operation against Iran, which retaliated immediately against several nations in the region. Although Iran’s Supreme Leader was killed during the attacks, the country has doubled down on its strikes, while the US President indicated that the war could last up to four weeks.

Instead of charting new and painful losses, bitcoin reversed its trajectory by the end of Saturday and rocketed to $68,000. It was rejected and driven south to $66,000 in the following few days, but went hard on the offensive in the past 12 hours or so.

The cryptocurrency gained more than $5,000 within this timeframe, surging to its highest level in a month at over $73,000. This means that it’s up by more than $10,000 since its Saturday low when the attacks began.

Popular analyst CW suggested that the BTC CVD indicator “shows strong buying,” mostly from whales rather than retail.

You may also like:

In another post, the analyst noted that today is the first day after the Chinese holidays, which lasted for over a week this time, and some of the most utilized exchanges on local soil – Binance and OKX, “are showing massive net buying of BTC.”

Fellow market commentator Daan Crypto Trades acknowledged bitcoin’s surge to a month peak, indicating that the current rally has been a “solid breakout so far.” He believes the bulls should not allow BTC to dip below $71,500 again; otherwise, it would be regarded as a clear sign of weakness.