What Was the Real Reason Behind the Recent Bitcoin (BTC) and Ethereum (ETH) Rise? Analysis Company Lists the Reasons!

Bitcoin ($BTC) and altcoins surged this week after news of a ceasefire between the US and Iran. Despite $BTC being rejected for the third time at $73,000, a CryptoQuant analyst examined why this surge has been so recent.

According to CryptoQuant senior analyst Julio Moreno, the recent price hike in Bitcoin ($BTC) and Ethereum ($ETH) was not just a result of liquidation of short positions.

Moreno said the rise was not just a result of short liquidation but also by investors actively opening new long positions.

One analyst for CryptoQuant said “After the US-Iran ceasefire announcement, open positions in $BTC and $ETH perpetual futures each rose by more than $2 billion over 24 hours; this is a new trend of upward growth.”

“The simultaneous increase in these two major assets, Bitcoin and Ethereum, reflects positioning based on macroeconomic events.”

The expected improvement in overall risk perception is predicted for investors ahead of investor’s. More importantly, positions have risen dramatically for both assets. That is not the main reason for liquidating short positions and investors are opening net new long positions, this confirms that investors will be launching net fresh long jobs. ” , ‘I’m sure it is worth reading.

Furthermore, the market buy-ask ratio for both $BTC and $ETH rose above 1, indicating that buying pressure was dominant.

Both assets also received positive feedback from the Coinbase Premium Index, a reflection of US demand. So, this means that demand from US investors is also growing.

The analyst concluded that “as long as the ceasefire is still in place, demand from the US will continue to support higher prices.”

If there is a ceasefire with no news of any kind of tensions that could escalate in the next two weeks, then Coinbase premium would remain on positive territory and strengthen bullish price trend. Paraphrasingr ’It is.

At last, Moreno stated “If Bitcoin remains above around $69,400 it is a resistance for several weeks and has been known to investors as the minimum price of Bitcoin,” while there are no rising developments from the US-Iran front, then $79,000 will be next big target.

*This is not investment advice.

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