Bitcoin price on Wednesday finally surged above the $70,000 USD mark, a level it has been struggling to break since the 26 March drop. This is purely a modest reaction to the 2-week US-Iran Ceasefire, driven by peace-talk ideas.
The combination of the indicator Average Directional Index (ADX) at 32 and the Bollinger Bands, where price is hugging the upper band and has a wide structure, shows continuation of the trend.
The durability of the current trend is highly dependent on the Ceasefire status for next week and thereafter. Opening of the Strait of Hormuz or any solid news of settlement may scale the Bitcoin capacity to hit $80,000 targer again.
In contrast to any of the positive steps, we may see more sales offices with negative volume and reduced liquidity.
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