Bitcoin Swings as Iran Sends New Proposal to US

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However, Trump said he couldn't imagine it was a good proposal

Bitcoin’s price sluggishness that began on Friday was interrupted by a quick but unsustainable surge to just over $79,000 on Sunday morning after the latest developments on the Iran-US front.

This time, reports claimed that Iran had sent its latest peace proposal to the US, which was the reason behind the quick uptick. However, US President Donald Trump was not too hopeful.

“I will soon be reviewing the plan that Iran has just sent to us, but can’t imagine that it would be acceptable in that they have not yet paid a big enough price for what they have done to Humanity, and the World, over the last 47 years,” he said on his social media platform, Truth Social.

Perhaps his pessimism was the reason why BTC’s breakout attempt was halted in its tracks, and the asset quickly returned to its starting point at $78,000.

The previous development on the matter, the Friday proposition from Iran, pushed it north from under $77,000 to over $78,000, where it calmed on Saturday and remained there on Saturday.

Some analysts, though, remain cautious or even worried about BTC’s future price moves. Ali Martinez, for example, outlined that a key technical indicator which previous called the rebound from the February low has now flashed a major sell signal that could drive the cryptocurrency to under $60,000 if the $67,500 support cracks.

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