Bitcoin Defies Geopolitical Turmoil, Eyes Key Resistance at $67,250

Despite multiple geopolitical shocks, Bitcoin has shown strong resilience in the market. The US airstrike on Iran and the closure of the Strait of Hormuz did not break the key support level of $62,000. This stability is a crucial indicator for investors as it suggests that Bitcoin can maintain its value even in times of turmoil.

Last week saw significant events in the Middle East, including Iran attacking commercial ships and the US launching new airstrikes. The Strait of Hormuz was closed indefinitely by Tehran, causing international oil prices to surge sharply. Brent crude oil rose 6.3% in a single week, while the 10-year US Treasury bond yield climbed to 4.57%. Meanwhile, the market adjusted its expectations for a Fed rate hike in September to around 61%, and this week's US CPI data will be crucial in determining expectations for the July FOMC meeting.

In contrast to previous geopolitical events, which triggered significant sell-offs in Bitcoin, this time the market reacted more calmly. The cryptocurrency maintained a stable trend after facing consecutive risk events, holding above $62,000 and gradually rising to around $64,000. Meanwhile, Ethereum showed stronger performance, with its price approaching $1,805.

The eight-week trend of ETF outflows has finally ended, with approximately $282 million flowing into Bitcoin and Ethereum-related products last week. Although this inflow is not enough to confirm a trend reversal, considering the continuous accumulation by whales recently and the market's weakened response to bearish news, the marginal selling pressure is easing, indicating that the market may be forming a temporary bottom.