$BTC Bitcoin steadies above $71,000 as weak sentiment limits the potential for a recovery toward $75,000.
BTC75,626.77-2.04%Failed US-Iran peace negotiations suppress market sentiment, with the crypto Fear & Greed Index holding in extreme fear.
Roughly $49 million in token unlocks this week, led by a $16 million Connex release, could drive market volatility.
The cryptocurrency market commences the week weighed down by deteriorating sentiment after peace talks between the United States (US) and Iran failed to yield a deal in Pakistan over the weekend. Bitcoin (BTC) hovers above $72,000 at the time of writing on Monday, building on support at $71,000. Still, its upside remains largely constrained toward the distant key hurdle at $75,000.
Meanwhile, market participants are focusing on the fragile ceasefire in the Middle East and whether the Strait of Hormuz could be reopened to ease pressure on markets and the global economy.