The Bitcoin price is experiencing some resistance today and has fallen by 0.58 percent compared to 24 hours ago. That brings Bitcoin to the level of $69,500. This means that Bitcoin is still above the 200-week exponential price average (red line) and approximately at the all-time high of 2021. A weekly close above the red line would historically be a hopeful signal.
War in Middle East continues to dominate financial markets
The war in the Middle East continues to dominate the financial markets. The United States says it has destroyed 16 Iranian minelayers near the strategically important Strait of Hormuz. They want to prevent Iran from placing explosives in this crucial shipping route for the global oil trade.
Oil prices fell to around $90 a barrel on Wednesday after a volatile trading day on Tuesday. The unrest was sparked by confusion over reports that the US Navy had escorted a ship through the Strait of Hormuz. The White House later denied that this had actually happened.
Meanwhile, Israel carried out new attacks on targets in Iran and Lebanon. According to the Israeli government, the military campaign is “far from over”. Iran, in turn, announced that it was not considering a ceasefire or negotiations for the time being.
The news led to mixed reactions on the financial markets. While oil prices fluctuated sharply, Asian stock markets continued to recover, indicating that investors are not yet pricing in a scenario of permanent economic damage.
Bitcoin is having a harder time today. After the price moved around $71,000 yesterday, we see a price of $69,500 appearing on the boards today.
The biggest story in the financial world?
Last week, Strategy bought $1.28 billion worth of Bitcoin. In doing so, it managed to withdraw almost 18,000 BTC from the market and add it to its reserves.
It will continue as normal this week. In just two trading days, it managed to accumulate more than $324 million worth of Bitcoin. “This is the iPhone moment,” said The Bitcoin Therapist about Strategy’s new buying appetite.
It is special to see that Strategy is now also striking in a bear market. In the past, it bought mainly during bull market tops. Now we see them buying at a completely different time.
That will also be an important reason for the stabilization of the Bitcoin price that we are currently seeing.
At the current pace, according to pseudonymous analyst Zynx, it is a matter of time before Strategy announces purchases of 30,000 Bitcoin or more.
Source: https://newsbit.nl/crypto-wekker-bitcoin-koers-verliest-70-000-terwijl-oorlog-midden-oosten-markten-blijft-domineren/
