🪷#bitcoin Remains above Key Level after Middle East Fighting Worsens🪷
🪷.Bitcoin has fallen this week as a result on increased conflict in the Middle East, and it could remain low while tensions there are high.
🪷.Fierce battling in the Middle East between Iran and Israel caused markets around the world to dip on Friday, including the stock market and the cryptocurrency market.🪷
Bitcoin (BTC) dipped down to $105,037 (BTC/USD) after Israel launched missiles at Iran’s nuclear sites. This was a 2.23% drop for the coin after it had already fallen earlier in the week. However, Bitcoin is still above an important level that should help it gain back lost ground quickly.
As long as Bitcoin remains above $100K, it will hold onto its psychological advantage in the market. If it drops below that mark, though, then investors may look to other cryptocurrencies that they believe hold more value and are less likely to lose their gains. Earlier in the year, when Bitcoin fell below that crucial level in February, selling pressure was incredibly high. Many investors gave up on Bitcoin, and their departure caused the coin to plummet even further.
Bitcoin fell to a low of $76K earlier this year as a result of the increased selling pressure and decreased consumer confidence in its ability to regain its lost value. Because the coin is still valued above $100K, it may be able to make a comeback in the near future.