Bitcoin is nearing $79,000, supported by fresh hopes about a settlement in the Iran war.

Notable Statistics:

• Coinglass data shows 100,948 traders were liquidated in the past 24 hours for $448.03 million.       
• SoSoValue data shows net inflows of $11.8 million from spot Bitcoin ETFs on Tuesday. Spot Ethereum ETFs saw net inflows of $43.4 million.
• In the past 24 hours, top gainers include SPX6900, Pudgy Penguins and Sei.

Notable Developments:

Trader Notes:

Quantitative trader KillaXBT said Bitcoin’s recent move higher has been accompanied by a sharp increase in open interest. Long positions have built up primarily in the $75,000 to $77,500 range, while funding rates have cooled near $78,000 to $79,000.

At current levels, more short positions are beginning to enter the market alongside rising open interest, suggesting increasingly aggressive bearish bets. According to the trader, the next directional move will likely depend on spot demand.

Rekt Capital noted that while Bitcoin continues to trend upward, key technical levels remain intact. The 21-week exponential moving average (EMA) continues to act as resistance. A rejection at this level could lead to a retest of the recent double-bottom breakout zone.

However, a confirmed weekly close above the 21-week EMA would be significant, potentially flipping the level into support and reinforcing a bullish structure.

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