Analysis: Bitcoin's resistance to decline demonstrates market resilience, macro level shifts but geopolitical uncertainty still exists

Odaily Planet Daily reported that Bitcoin has surpassed $72000. Despite the tense situation in the Middle East and continued geopolitical risks, the Bitcoin and cryptocurrency markets have shown strong resilience overall. With news of ceasefire negotiations between the United States and Iran possibly starting as early as Thursday, oil prices, US bond yields, and the US dollar index have fallen, while Bitcoin and US stock futures have maintained a strong trend. However, the market remains cautious about the rapid easing of the situation. ING analysts pointed out that Iran may tend to maintain high energy prices to enhance its bargaining power before negotiations, so the possibility of a significant drop in oil prices and a clear weakening of the US dollar in the short term is limited. At the macro level, there has been a shift, and the curve of the US money market has basically digested the expectation of interest rate cuts within the year, significantly tightening compared to the previous market expectation of at least two 25 basis point interest rate cuts each. This change has weakened the key bullish support for risk assets such as Bitcoin.