"Bitcoin has likely run out of steam in the short term after dropping nearly 5% over the past 24 hours, with a pullback toward $65,000, a possible outcome in the coming days. Price action is likely to remain between $65,000 and $75,000 in the coming weeks."
"The spectre of stagflation is hovering, with the combination of rising prices and stagnating growth posing a real threat. Escalating tensions around the conflict in Iran have triggered a broad risk-off attitude across global markets, with Japanese equities suffering their longest slump since April and European equities falling across the board."
"Bitcoin had touched a six-week high of almost $76,000 earlier in the week, as momentum appeared to recover temporarily. The token remains in positive territory over the last month, providing a rare bright spot while other macro assets have been subdued by the conflict."
Bitcoin declined 2.7% to $69,308, marking its first drop below $70,000 in over a week as geopolitical tensions escalated following Iranian attacks on Qatar's liquefied natural gas infrastructure. The cryptocurrency extended losses from the previous day's largest three-week decline. Other digital assets including Ether, BNB, and XRP also fell. Global markets experienced broad risk-off sentiment, with Japanese equities recording their longest slump since April and European equities declining. Energy prices surged significantly, with Brent crude reaching $115 per barrel and European natural gas rising 35%. Analysts project Bitcoin will consolidate between $65,000 and $75,000 in coming weeks, with potential pullback toward $65,000. Stagflation concerns emerged as rising energy prices threaten growth, though Bitcoin remains positive over the past month.
#bitcoin-price-decline #middle-east-geopolitical-tensions #energy-market-volatility #cryptocurrency-market-correction #stagflation-concerns
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]