decreases Bitcoin Prices Around $60,000, bottoming out at around $59,600 on digital currency trading platform Binance. The decline follows news that Israel launched missile strikes against Iran early Friday morning (GMT).
ABC News was first to report the attack, citing confirmation from a senior U.S. official. CNN cited local Iranian media saying missiles had targeted several military bases and airports in the country.
While he reported Al Jazeera Iranian authorities downplayed the attack, saying it was a limited drone attack.
The cryptocurrency market quickly reacted to this news, as the value of Bitcoin fell below the $60,000 threshold.
Before returning above $65,000 at the time of writing, the market recovered after reports of limited damage resulting from an Israeli raid on Iranian military targets.
Prices of alternative digital currencies have also declined, at rates ranging from 1% to 3%.
Potential impacts on the price of Bitcoin
Commenting on the escalating conflict between Iran and Israel, Bitcoin analyst Tuur Demeester said geopolitical instability tends to drive demand for “liquid,” “scarce” and “low credit risk” assets. Bitcoin, commodities and gold are considered assets meeting these criteria.
For his part, March Zheng, managing partner at Bizantine Capital, said that the next threshold for Bitcoin is $55,000, if the market turmoil continues.
While Jun Young-hyo, derivatives trader at Presto, added: “If there is panic selling of Bitcoin due to war-related news, it would still be a good buying opportunity. »
It appears that the market is now ignoring the attack and is currently focused on... “Halve” Event Next for Bitcoin.
In this context, Samir Gablich, Director of Capital Formation at Pythagoras Investments, wrote: “Bitcoin price saw significant trading volume and a drop from $64,000 to $61,000 a day before the Bitcoin event. halving expected, with the “information sale” event likely valued at . This point is evident in Bitcoin's negative funding rate.
He added: “All recent declines, including this one, are consistent with historical declines by half. The only difference and consideration is the uncertainty of the upcoming macroeconomic landscape, which will create more volatility going forward. »
Technical analysis: breakdown of the ascending price channel and the possibility of an increase
On the 4-hour chart For the price of Bitcoin BTC We note that it rebounded strongly and very quickly after falling below the support level of $60,500 that we mentioned earlier. Previous analyzes.
This is the second time this has happened in just three days. This indicates the strength of this support and its use by many market participants as a buying zone.
This also means that if it is broken, the fall will be brutal.
But a pessimistic scenario seems unlikely in the near future (unless dramatic developments occur). Bitcoin price crossing the upper limit of the descending price channel in which the price has been moving for three weeks.
Bitcoin BTC Price It is now trading below the 38.2% Fibonacci level, at $65,400. After increasing by more than 9.6% in a few hours.
A close above this level will open the door for further upside towards the $70,000 level.
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