Category: Crypto market

Bitcoin’s price surged to a new monthly high of more than $73.5k, displaying a strong breakout. Given the intense geopolitical tension that erupted in the Middle East on Saturday—some analysts have even called it war—this is rather surprising.

ion against Iran, which promptly retaliated against multiple countries in the region. Iran has increased its strikes despite the death of its Supreme Leader during the attacks, and the US President suggested that the conflict might last up to four weeks.

Bitcoin had reversed course and shot up to $68,000 instead of charting new and excruciating losses. In the next few days, it was rejected and driven south to $66,000, but in the last twelve hours or so, it went all out. During this period, the cryptocurrency increased by over $5,000, reaching its highest point in a month.

Markets anticipate that Binance and OKX, two of the most popular local exchanges, are showing massive net buying of BTC, the first day following the Chinese holidays, which lasted for more than a week.

The current rally has been a “solid breakout so far, because of bitcoin’s rise to a month-high. Markets project the bulls shouldn’t let Bitcoin fall below $71,500 because that would be seen as a blatant sign of weakness.

The US and Israel launched military strikes in Iran, which caused the largest cryptocurrency to drop by roughly 3 percent in a few hours and prolonged what had already been a challenging weekend for risk assets. As a result, Bitcoin approached $63,000 in Saturday’s trading.

Bitcoin dropped back to its lowest point since the February 5 crash, when it momentarily fell below $60,000. Israel Katz, the Israeli Defense Minister, proclaimed an immediate state of emergency in the country. According to The Wall Street Journal, a US official acknowledged US involvement in the strikes.

There is a known pattern to the sale. The stock and bond markets are closed on weekends, but Bitcoin trades around the clock, seven days a week. Because of this, it is one of the few sizable and liquid assets that traders can sell when geopolitical risk escalates after regular business hours. As a result, during weekend evenings, bitcoin frequently serves as a pressure-relieving valve for the general risk-reduction sentiment.

Derivatives data show that approximately $100 million in long positions were liquidated across major exchanges within minutes of the headlines. In the wake of the attack, the Israel Defense Forces issued a warning about potential missile retaliation and enforced a nationwide ban on gatherings, schools, and workplaces, except in critical sectors.