🌟✨️💥 Bitcoin and Ethereum soaring: oil down and news on US-Iran tensions

Despite the deadlock in talks between Iran and the USA and the aggressive rhetoric on social media, diplomatic channels remain open, and yesterday financial and crypto markets recorded gains. However, there are still no breakthroughs regarding the Strait of Hormuz. Yesterday, Bitcoin recorded a rise of +5.16%, its best performance since the beginning of March, while Ethereum marked a +8.11%. Stock indices were also positive, with the S&P 500 closing up +0.98%.

Gains for Bitcoin and Ethereum

Tensions between Iran and the United States remains elevated in the Strait of Hormuz, marked by the Iranian naval blockade and now an American one as well, with no concrete military de-escalation on the horizon. Washington is allowing transit for vessels not bound for Iran.

In this context, the price of oil is experiencing a contraction phase and has returned below 100 dollars. WTI futures today stand at 97 dollars per barrel, while the June contract is also down, with WTI at 91 dollars—a sign that the market continues to view the effects as short-term and not yet excessive for the long period. Brent is recording 98.10 dollars per barrel.

The psychological threshold of 100-dollar oil



In the attached chart, we have an overview of the respective trends for WTI and Brent, where it can be observed that both have returned to that support area they had previously broken. Being news-dependent in this phase, great caution is still required.

The 'Maginot Line' is the psychological threshold of 100 dollars. Surpassing and closing above this level for several days could reignite macroeconomic tensions, leading to negative reactions across both indices and cryptocurrencies.

Bitcoin Technical Scenario

Excellent bullish movement from Bitcoin (BTC), which is currently trading at 74,440 USDT. In April, it is recording a +9% increase, bringing its year-to-date performance to -15%.

From a graphical perspective, it can be observed that the price of BTC has returned to the 74,500 USDT resistance area, which rejected the price in mid-March. This vector resistance level corresponds to the 38.2% Fibonacci retracement of the move from the annual high in January at 98,000 USDT to the February low at 60,000 USDT.

Key BTC Levels

Today, the price of BTC is currently essentially unchanged, stalled below this resistance. At this point, a breakout with a close above last month's high of 76,000 USDT is necessary. The next objective then becomes a push toward the main resistance area at 79,000 USDT.

In the event of a retracement, BTC has a first support level in the 71,100 USDT area, while the most significant support is located at 69,900 USDT. The RSI indicator is rising but still far from the overbought zone, suggesting there is still room for a bullish impulse.

Ethereum's best rally of the year

Ethereum (ETH) is currently trading at 2,360 USDT and yesterday recorded its best gain of the year with a +8.11% jump. On the daily chart, it is evident that it has also reached its first vector resistance level at 2,380 USDT, which rejected the March rally to the tick.

At the time of writing, it is currently stalling just below this level. A breakout has as its next objective a push toward the 2,600 USDT area.

On the short side, the first support currently sits in the 2,225 USDT area, while the next more significant one is at 2,160 USDT. The RSI indicator is positive and currently neutral; it is not yet in the overbought zone, a sign that there is still room for further bullish momentum.

✅️ FOLLOW FOR MORE ✅️

$BTC ‌$SUI ‌$ETH ‌