Bitcoin Rebounds to $106,000 Amid Geopolitical Tensions
The crypto market shows signs of recovery following early Friday's downturn linked to the escalating conflict between Israel and Iran.
- Bitcoin (BTC) fell to $102,600 but rebounded to around $106,000 before declining to $105,200, down 1.6% in 24 hours.
- The CoinDesk 20 index decreased by 4.4%, with ether (ETH), avalanche (AVAX), and toncoin (TON) dropping between 6% and 8%.
- Crypto stocks are mostly down; MARA Holdings and Riot Platforms decreased by 5% and 4%. Circle (CIRCL) stock rose 13% amid stablecoin interest from Amazon and Walmart.
- Gold increased by 1.3%, while the S&P 500 and Nasdaq fell only 0.4% each, indicating traditional markets are not overly affected by geopolitical tensions.
Outlook for Bitcoin
- Trader Skew noted a bounce but cautioned that BTC remains closely tied to traditional markets amidst ongoing risks.
- Markus Thielen from 10x Research indicated BTC's drop below $106,000 represents a failed breakout, suggesting traders wait for better buying opportunities.
- Thielen highlighted the $100,000-$101,000 zone as critical support; failure to hold may revert BTC to broader consolidation.
- John Glover from Ledn suggested BTC could enter a corrective phase, potentially falling to $88,000-$93,000, with $90,000 presenting a possible entry point for investors.
- Glover predicted a future rise towards the $130,000 range post-correction.