Bitcoin’s push toward $72,000 stalled after Iran rebuffed ceasefire chatter, insisting that no talks have occurred since the war began in late February, state media FARS reported Wednesday.
These comments directly oppose President Donald Trump’s claim on Monday that diplomatic talks were underway.
Citing the discussions’ positive tone, Trump announced a five-day pause on any military strikes against Iran’s power and energy facilities while negotiations continue to move forward.
Despite offers from regional and international mediators, Iran said it would continue its military defenses.
Bullish momentum faltered as Iran shot down reports of talks with the US.
According to TradingView, Bitcoin reversed on Wednesday after climbing to nearly $72,000 in early trading. The digital asset traded at $71,580 at press time, up about 1.5% in the last 24 hours.
Geopolitical uncertainty and a weak macro outlook are weighing on markets.
Lookonchain data shows a whale opened a massive 40x short on 1,000 BTC and a 20x long position on Brent crude ahead of market open. Both positions initially went into the red, and the trader later switched to a long.
Another whale is also betting on a crypto rally. In the past hour, the trader “0x049b” opened 20x long positions on 9,256 ETH and 282 BTC.
Source: https://cryptobriefing.com/bitcoin-rally-hits-wall-iran-ceasefire/
