The US was involved in tensions between Israel and Iran and struck Iran. This situation had a negative impact on Bitcoin (BTC) and altcoins, bringing BTC prices below the psychological level of $100,000.
Despite the continued downside fears in the market and investors, Singapore-based analytics firm QCP Capital has assessed the latest situation.
At this point, QCP analysts first noticed that recent sales at BTC constituted the lowest printed matter since breaking the psychological $100,000 level on May 8th.
The sale of Bitcoin and major altcoins was caused by Iran’s threat to shut down the Strait of Hormuz.
However, Bitcoin returned over $100,000 this morning, suggesting that weekend pullbacks are primarily due to macro factors.
At this point, despite Iran’s threat of retaliation against the US, the market believes that the potential for major conflicts is limited and that the US is putting pressure on Iran through surrender and halt through diplomatic channels.
This played a role in stabilizing the market, according to analysts.
QCP also said it responded gently to developments between the US and Iran over the weekend as US stock futures, oil and gold prices returned to Friday’s levels after initial fluctuations.
This suggests that investors view this as a local risk rather than a global crisis.
According to analysts, the Bitcoin market is at a critical turning point in balancing risk appetite and safe demand amid geopolitical uncertainty.
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This will make it especially important for the next few days.
The market remains at a crossroads that span the key boundary between risk-on momentum and risk-off defense amid ongoing geopolitical uncertainty. ”
The analytics company has listed key events to watch this week, as follows:
“Tuesday (June 24th): POWELL Chairman’s Speech (June 25th): Fed POWELL Speech Thursday (June 26th): US GDP and Unemployment Rate Friday (June 27th): US Core PCE”
*This is not investment advice.
