 ▲ Bitcoin (BTC), Ethereum (ETH), XRP / ChatGPT-generated image © |
Despite escalating war tensions in the Middle East, major cryptocurrency prices have continued their upward trend without collapsing, reviving expectations of a market recovery.
According to investment media outlet FXStreet on March 5 (local time), Bitcoin (BTC) has maintained a stable trend above $73,000 while extending its recent rebound. Although it has not reached the intraday weekly high of $74,050, Ethereum (ETH) and XRP (Ripple) have also preserved most of their weekly gains, sustaining the broader market’s recovery momentum.
Global financial markets remain on high alert amid escalating military clashes between the United States and Iran. The U.S. has reportedly sunk more than 20 Iranian vessels in international waters of the Indian Ocean, while Israel has expanded attacks on Iran’s capital, Tehran. In response, Iran has widened the scope of the conflict by targeting major oil facilities and logistics hubs in the Gulf region.
Despite the war tensions, the cryptocurrency market has shown greater resilience than expected. Bitcoin has risen more than 15% from its Saturday low of $63,030 to current levels, while ETH and XRP have retained most of their gains for the week. At the same time, the Crypto Fear & Greed Index, a measure of investor sentiment, climbed from 10 to 22, indicating gradual signs of recovery from an extreme fear phase.
Technical indicators also support the short-term upward trend. After breaking through the key $70,000 support level, Bitcoin has shown a mild bullish bias. On the daily chart, the Moving Average Convergence Divergence (MACD) indicator is rising above the signal line with expanding histogram bars. The Relative Strength Index (RSI) is also trending upward at around 57, suggesting the possibility of an extended short-term rebound. Market observers note that if the RSI continues to rise, Bitcoin may attempt to break above $74,400, where the 50-day Exponential Moving Average is located.
ETH is currently trading near the $2,200 resistance level, testing its rebound momentum. While maintaining a short-term bullish bias, the price remains below the 50-day, 100-day, and 200-day EMAs in the $2,290–$2,927 range. Meanwhile, XRP has rebounded from its Saturday low of $1.27 and continues its upward movement, holding support at $1.41. Technically, the RSI at around 49 indicates easing downward pressure, and the MACD remains above the signal line, suggesting the potential for further gains.
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