Matrixport: Expectations for Bitcoin to Return to $70,000–$80,000 Range Heat Up

Odaily News Matrixport released its chart for today, stating that Bitcoin has largely maintained a sideways consolidation since early February. Despite escalating geopolitical tensions, weakening US employment data, and a broad pullback in global stock markets (with South Korean stocks experiencing a sharp decline at one point), Bitcoin has demonstrated considerable resilience. Even with a significant spike in oil prices over the weekend, Bitcoin only retreated to test the support level around $66,000, which has consistently held.

As mentioned in our previous daily report, the likelihood of Bitcoin regaining strength and returning to the $70,000 to $80,000 range is increasing. As the market gradually digests the impact of the Iran conflict, Bitcoin is expected to shake off the disturbances from geopolitical factors and recover towards a higher trading range.