The current market trends suggest a bullish outlook for bitcoin, trading at $76,345.84, despite recent developments in Iran and DeFi hacks. Last week, U.S.-listed spot ETFs saw significant inflows of $996 million, up from $786 million the previous week, indicating strong institutional interest. For a substantial price increase, this trend needs to be sustained.
According to Timothy Misir, head of research at BRN, "sustained inflows signal structural demand, while intermittent flows indicate tactical positioning, with consistency mattering more than magnitude." Bitcoin's price has remained relatively stable above $75,000 after reaching highs of over $78,000 on Friday. Similar patterns are observed in other major tokens like ether, XRP, and Solana. The DeFi platform Aave's token has dropped 1% to $90 due to the KelpDAO hack.
The DeFi dominance rate remains at around 3%. Alex Kuptsikevich, chief market analyst at FxPro, notes that the pressure on bitcoin is linked to negative reactions in stock markets to news about Iran, which has reduced risk appetite. Traders are building short positions, betting against a breakout, which could lead to a "short squeeze" if prices remain steady.
The U.S. attack on an Iranian cargo ship has further reduced risk appetite.
In technical analysis, Solana's weekly price swings show a key level at $95.16, which has acted as resistance since early February. The fact that Solana has not yet climbed back above this level points to sustained bearish sentiment and potential for deeper losses, with the next major support seen at $50.