The cryptocurrency market is currently experiencing heightened volatility due to a breakdown in the Bitcoin price. However, analysts suggest that this is an opportunity for the asset to stabilize near a critical demand base.
Liquidity and whale moves are being closely watched as key drivers of market trends. According to analyst Ted, markets are primarily driven by liquidity, with increasing liquidity generally bullish for risk assets and decreasing liquidity bearish.
Despite the current tensions between the US and Iran, Bitcoin has found support around the $65,000-$66,000 zone. Analysts believe that as long as BTC holds onto this range, a rally towards $72,000 seems likely to happen.