- Bitcoin price remained in a narrow range on Thursday this week.
- JD Vance cancelled his trip to Pakistan for talks with Iran.
- There are signs that the US-Iran war will restart soon.
Bitcoin price came under pressure as risks emerged on whether the planned US-Iran talks will continue. BTC dropped below the important support of $75,000 after Vice President JD Vance canceled his planned trip to Pakistan.
JD Vance Cancels Pakistan Trip Ahead of Ceasefire Expiration
Bitcoin price remained in a narrow range as the odds of US-Iran talks faded after Vice President JD Vance canceled his trip to Pakistan. While no reason was given, chances are that it happened after Iran remained non-committed on whether it would participate in the talks.
Iran believes that it has an advantage against the United States, thanks to its control of the Strait of Hormuz. Also, it believes that President Donald Trump is in a hurry to end the war he started in February.
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A recent Wall Street Journal report showed that Trump was getting bored with the war as he saw his approval rate sink. He is also concerned that the war will lead to a large victory by Republicans in the House of Representatives. Democrats may also win the Senate, which may lead to a heightened risk of his impeachment.
Most importantly, while Iran did not start this war, officials believe that a long war will be to its advantage as it will deter another attack by the US and Israel.
The implication of all this is that the war may resume on Wednesday when the ceaesefire ends. As a result, crude oil prices jumped, with Brent and the West Texas Intermediate (WTI) rising to $100 and $90, respectively.
Soaring infation means that the Federal Reserve may not be able to cut interest rates in the coming months as some analysts were expecting. Also, a return to war means that there will be substantial market volatility in the near term.
On the positive side, American investors continue rotating back to Bitcoin. Spot Bitcoin ETFs have added over $1.86 billion in inflows this month after adding $1.3 billion last month.
Bitcoin Price Prediction: Technical Analysis
BTC price chart | Source: TradingView
The daily chart shows that the BTC price has rebounded in the past few months. It has jumped from a low of $60,000 in February to the current $75,730.
The coin has made an ascending triangle pattern, a common bullish continuation sign in technical analysis. It has moved above the 50-day and 100-day Exponential Moving Averages (EMA).
The Relative Strength Index (RSI) has continued rising. Therefore, the coin may continue rising in the near term, with the next key target being at $90,000.
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