Bitcoin Price Holds Near $68,000 Amid Geopolitical Tensions

Bitcoin's price has been trading near the top of its weekly range, hovering around $68,000. This comes despite geopolitical tensions between the US and Iran, which had previously caused a sharp drop in the market.

A recent analysis by CryptoQuant found that short-term holder exchange inflows have remained low, even during times of high volatility. This suggests that many of the recent panic sellers may have already exited the market, leading to a decrease in selling pressure.

Derivatives activity has increased over the past day, with trading volume rising 8.7% and open interest edging up 1.6%. However, this increase is not yet strong enough to signal a significant shift in momentum.

The technical analysis of Bitcoin's price shows that it is currently consolidating within a downward structure marked by lower highs and lower lows. A rejection in the $70,000-$71,000 zone would keep pressure on the upside, while a strong daily close above this area could shift momentum in favor of buyers.

Support for Bitcoin sits between $64,000 and $65,000, with the next psychological level near $60,000 potentially coming into focus if this area fails.