BTC Turning Higher Again

Bitcoin prices are turning higher again today with crypto assets in general benefiting from a weaker US Dollar on the back of suspected BOJ intervention yesterday. BTC futures were higher through much of April before the rally lost steam over the week. However, with risk assets rallying across the board, there is renewed hope for a BTRC breakout near-term, particularly if USD stays weaker. With the risk of more BOJ intervention next week (repeating the pattern we saw last time around in 2024), USD could be pushed lower again near-term, creating room for a BTC breakout.

US/Iran War Impact

The broader focus for now, though, remains on the US/Iran war and elevated tensions and stalled negotiations mean the risk of a spike higher in USD cannot be ruled out near-term. For now, it looks as though Trump is willing to remain patient while maintaining the ceasefire, however, if traders get any sense that his patience is wearing thin and fresh US military action appears forthcoming, this could cause a fresh wave of safe haven buying in USD, leading BTC lower. On the other hand, if we get a breakthrough in negotiations and a deal starts to look more likely (or we get a short-term compromise on the Strait of Hormuz), this should help cool oil prices, sending USD lower, and creating room for a fresh move higher in BCT and risk assets generally.

Technical Views

BTC

For now, BTC remains within the corrective bull channel, capped by the $80,185 level. While above $74,270, focus is on a breakout move higher with $84,530 the next bull target ahead of the bigger $94,450 level.