Bitcoin rallied more than 5% after the Monday Wall Street open, pushing toward $70,000 as US stocks struggled with macro uncertainty.
Price pushes toward key levels
BTC/USD reached $69,788 on Bitstamp, its highest level since Feb. 25, after shaking off concerns tied to the Middle East conflict.
Trader Castillo Trading wrote:
“Things are looking a lot more organic when it comes to Binance spot $BTC selling.”
Castillo added:
“Even when they are selling, price is not reacting as much as it has been previously.”
PMI print provides the catalyst
Traders pointed to the latest ISM Manufacturing Purchasing Managers Index (PMI) report as the surprise driver.
PMI came in above the key 50 level, signaling US manufacturing returned to expansion after around three years of contraction.
Nik Bhatia, founder of The Bitcoin Layer, commented:
“Last month’s above 50 print confirmed today, the manufacturing industry is back in expansion after three years of contraction.”
Traders stay cautious on recovery calls
Wealthmanager flagged $69,000 as a resistance zone and warned about chasing longs.
“$BTC is at resistance here. Watch out with longs.”
Trader Roman argued that daily time frames still resembled a bear flag setup, citing RSI and MACD divergence.
Material Indicators said its signals continued to mirror March 2022 conditions and cautioned that multiple catalysts could invalidate any bullish read.
Cofounder Keith Alan said $69,000 was the first reclaim hurdle for a “durable” recovery, with $70,000 and roughly $71,300 next on his radar.
