Bitcoin holds $80K as U.S. – Iran tensions ease: Relief rally or bull trap?

The market has flipped its direction after the U.S. pulled back its threat of attacking Iran. With Bitcoin holding above $80k, the setup looks technically bullish. This could mean the recent calls for a drop back to $75k are getting too bearish, with the next move potentially pointing higher. The strong 24-hour momentum adds weight to this rebound thesis. As shown in the chart below, Brent Crude oil prices have fallen by over 2% after coming close to hitting $120 for the first time since 2022. At the same time, rate hike odds have also fallen by over 0.6% from their previous close, alleviating some pressure on risk assets heading into the FOMC meeting. In essence, Bitcoin’s [BTC] current setup looks like a classic pre-breakout setup.

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