The Israel-Iran conflict has significantly impacted the cryptocurrency market, particularly on Binance. Here's a breakdown of the effects:
Market Impact
- Bitcoin's Price Drop: Bitcoin plummeted below $104,000 after Israel's strike on Iran, triggering $427 million in long liquidations. This sharp decline reflects investor uncertainty and risk aversion.
- Binance Net Taker Volume: The Binance Net Taker Volume hit -$197 million, signaling panic selling and potential bottom conditions.
- Other Cryptocurrencies: Ethereum fell 10% to $2,471, while Solana dropped 11% to $141. XRP and BNB also lost ground, down 6% and 4%, respectively.
Technical Analysis
- Support and Resistance: Bitcoin remains in a sideways range between $110,336 and $101,297, with main trading volume concentrated around $103,907.
- Trading Plans: Some analysts suggest a bullish relief bounce if Bitcoin reclaims and holds above $106,888, with targets at $108,000, $112,000, and $116,000. Conversely, a break below $100,000 could lead to further declines.
Market Outlook
- Volatility: The conflict is likely to maintain elevated volatility in the market, with traders seeking downside protection.
- Safe-Haven Assets: Gold has surged, rising 1.44%, as investors seek refuge in traditional safe-haven assets.
- Potential Rebound: Some analysts believe Bitcoin may rebound, similar to its performance after Iran's October rocket strikes on Israel.
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