​​Bitcoin Rebounds After Iran War Sell-Off BTC May Re-Test $70K$74K Resistance

(MENAFN- DailyFX (IG)) ​​​Bitcoin regains lost ground

​Following last week's rejection by its key resistance area amid the Iran war, Bitcoin slid by around 11% from its 4 March $74,071.02 high to Sunday's $65,618.93 low.

​On Monday morning a recovery effort began, though, with the $70,057.25 - $74,071.02 resistance zone being back in the frame.

​What is needed now for a medium-term bullish reversal to occur is a rise and daily chart close above last week's $74,071.02 high. If this were to unfold, previous resistance at the March 2024 high at $73,757.39 and the October 2024 peak at $73,581.22 would be overcome with the 55-day simple moving average (SMA) at $75,628.45, the 1 to 3 February highs at $79,160.49 - $79,369.55 and the November 2025 low at $80,619.71 being in focus.

​If bettered, the December lows at $83,871.20 - $84,445.35 may be reached as well.

​Upside pressure is expected to retain the upper hand while the late February lows at $63,046.65 - $62,527.40 hold, as they did on Sunday 8 March.

​Bitcoin bullish case:

​As long as Bitcoin remains above its February low at $60,132.75, a recovery may still unfold. For it to become probable, the $70,040.75 - $74,071.02 key resistance area will need to be overcome.

​A rise and daily close above the current March high at $74,071.02 may put the April 2025 low at $74,441 on the map. If exceeded, the March 2025 low at $76,702.93 may be reached too, ahead of the $80,000 region.

​Bitcoin bearish case:

​Escalation in the Middle East provoked another sell-off, so far to $65,618.93 on Sunday.

​This low was made right within the 12-to-19 February lows at $65,631.93 - $65,107.17 which offered support. Further support may be seen between the 24 to 28 February lows at $63,046.65 - $62,527.40 ahead of the early February trough at $60,132.75.

​Short-term outlook:

Neutral with a bullish bias while above the 12 February low at $65,107.17.

​Medium-term outlook:

Neutral with a bearish bias while below the current March high at $74,071.02 but above the $56,148.93 mid-August 2024 low; failure there might engage the $50,000 region and the August 2024 low at $49,217.00.

Bitcoin daily candlestick chart Source: TradingView Source: TradingView Important to know

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