Bitcoin is holding close to the 50-day and 100-day EMAs on Tuesday, where a close above or below could indicate the next direction.
BTC spot ETFs recorded an outflow of $648.64 million, while Strategy added another 24,869 BTC on Monday.
The Kobeissi Brief post on X highlights that Iran has launched “Hormuz Safe,” a Bitcoin-backed maritime insurance service for shipping through the Strait of Hormuz.
Bitcoin (BTC) steady around key technical support on Tuesday following the recent correction. The Crypto King’s next directional move may depend on this important technical zone. Institutional and corporate demand remained mixed, with spot exchange-traded funds (ETFs) recording an outflow, while Strategy ( MSTR ) added BTC to its reserve on Monday. Amid ongoing Middle East conflicts, reports indicate that Iran has launched “Hormuz Safe,” a Bitcoin-backed maritime insurance service for shipping through the Strait of Hormuz.
BTC is stuck between institutional selling and corporate buying
Institutional and corporate demand started the week on a mixed note, with institutional selling and corporate buying of BTC. SoSoValue data showed that BTC spot ETFs recorded an outflow of $648.64 million on Monday, following a $1 billion withdrawal the previous week.
On the corporate side, Michael Saylor announced on Monday that his firm, Strategy, had acquired 24,869 BTC, bringing the total stake to 843,738 BTC. The company’s average BTC buy price is $75,700, slightly lower than BTC’s current trading levels.
This institutional selling pressure and aggressive corporate accumulation indicate a market in indecision as traders wait for a catalyst to determine the next directional move.
Iran believes in BTC
The Kobeissi letter reported late Monday that Iran had introduced “Hormuz Safe,” a Bitcoin-backed insurance service for shipping companies looking to transit the Strait of Hormuz.
According to the report, the Iranian government estimates that the initiative could generate more than $10 billion in revenue and said the program will primarily serve Iranian shipping companies and cargo owners.
“The shipment will be covered from the moment of confirmation, and a signed receipt will be given to the owner,” Iran said. It is unclear whether this insurance service will be charged in addition to tolls, which have reached as high as $2 million per ship. Iran added that an official website with further details about the program is expected to be launched soon.
These developments follow Iran’s proposal in early April that shipping companies pay tolls in cryptocurrency for oil tankers passing through the Strait of Hormuz.
As explained in a previous report, Iran relies on cryptocurrencies due to US sanctions, and Bitcoin has served as a tool to pay for imports and establish trade. Iran legalized crypto mining in 2019 and has played a role in its economy ever since.
These latest developments with the Bitcoin-backed insurance service, if implemented, could be an important milestone in adoption, especially for regions facing financial constraints. This development could boost demand for Bitcoin in the near term, as 20% of global oil tankers pass through the Strait of Hormuz.
Some signs of optimism
The Santiment chart below shows that Bitcoin whale wallets holding at least 100 BTC rose to 20,229 on Tuesday, an 11.2% increase compared to the previous year, when there were 18,191 wallets.
“Even with Bitcoin experiencing major volatility over the past year, these major wallets have continued to steadily accumulate rather than shrink in number. Historically, rising whale wallet counts are seen as a sign that key stakeholders still have confidence in Bitcoin’s future value and scarcity,” the analyst said.
Bitcoin Price Prediction: BTC at key technical zone
Bitcoin price is approaching key technical support on Tuesday, trading around the 50-day and 100-day exponential moving averages (EMAs) near $76,750 and $76,900, respectively. This key technical area is roughly above the previously broken horizontal channel at $75,719, making it a key reversal zone for traders to watch.
The Crypto King remains capped below the 200-day EMA at $81,890, as well as higher Fibonacci and horizontal barriers. However, the underlying uptrend is still supported by the intact uptrend structure. The relative strength index (RSI) is below the neutral level of 50, hovering at 44, and the moving average convergence-divergence (MACD) remains negative, suggesting downward momentum and indicating warning signs rather than an outright trend reversal.
On the upside, immediate resistance is provided by the 50% retracement at $78,962 (drawn from the January high to the February low), with a sustained break opening the door to the 200-day EMA at $81,890 and the 61.8% Fibonacci retracement at $83,437. Additionally, a horizontal barrier near $84,410 fits before the January high around $97,924.
On the downside, initial dynamic support is seen at the 50-day EMA at $76.742, ahead of the previously broken horizontal channel at $75.719 and the 38.2% Fibonacci retracement at $74.487, while deeper pullbacks are likely to look at the rising trendline break area around $70.7232, then the Fibonacci retracement at $70.732. $68,950, with the broader bullish cycle only seriously threatened on a loss of the February low of $60,000.
(The technical analysis of this story was written using an AI tool.)
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