Bitcoin surged in the past 24 hours as optimism surrounding a potential U.S.–Iran agreement lifted the broader crypto market. The rally, however, does not indicate that the bear phase for BTC has concluded.
Technical Indicators Remain Bearish
CryptoQuant analyst Gaah highlighted that the Bitcoin Cycle Momentum gauge stayed below the neutral threshold of zero, signaling that the bear market has not yet reversed. The metric currently registers around –30 points, a depth historically associated with cyclical bottoms but insufficient to confirm a bullish shift.
Resistance at $72,100
Burak Kesmeci, also of CryptoQuant, warned that Bitcoin must break through the $72,100 barrier before a sustained uptrend can materialize. Until that level is overtaken, the market may face selling pressure from large investors holding loss‑making positions, potentially dampening price gains.
Implications for Investors