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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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Sign InBitcoin maintained its position above $72,000 following the formal confirmation of a US-brokered ceasefire agreement between Iran and Israel. Technical data reveals a massive 50% drop in Bitcoin Open Interest, indicating a significant deleveraging phase in the market. Analysts have now identified a crucial technical support level for the cryptocurrency at approximately $70,500, serving as a key floor for price action. Market momentum on Thursday is expected to be pivotal in determining whether bulls regain control or bears drive prices lower. Funding rates currently oscillate between -12% and +7%, signaling a lack of dominant directional bias in the derivatives market. While the easing of geopolitical tensions initially bolstered risk assets, these technical indicators point toward high potential for upcoming volatility as the market resets.