What's up, folks? Things are heating up in the Middle East, but it seems our Bitcoin couldn't care less, and it's even going up! After a few weeks of lows, the queen of cryptos is regaining strength, and it seems to be because the markets are betting that this won't end in a Third World War. Thank goodness! 🙏
Digital Currency Ignores the Geopolitical Storm
Imagine that Bitcoin has been behaving like a champion. Neither the turmoil in the Middle East nor the involvement of the United States has knocked it down. On the contrary, while tensions grew, BTC remained steady, even rising by 0.7% on the day, hovering around $102,000! 🔥 After touching $98,000, its lowest level since early May, it seems to have found its floor!
The craziest thing of all is that, with the escalation of the situation, many analysts were on edge, expecting a strong market crash. But surprise! Stocks went up, gold held steady, and oil, which one would expect to spike in these situations, fell by 1%! 🤯
From The Kobeissi Letter, some market experts made a comment that says it all: if they had been told that Iran was going to close the Strait of Hormuz (through which 20% of the world's oil and gas passes) and that prices were going to drop, they would have called them crazy! But that's how it was; oil prices fell, and natural gas prices did too. According to them, this is a clear sign that markets do not believe this will turn into a large-scale conflict. Not even Donald Trump's statements about a regime change in Iran made people rush to buy gold, which is the ultimate safe haven.
So now you know! Markets are shouting that this will be a "short-lived conflict." In fact, prediction platforms like Kalshi give a 92% probability that there will be diplomacy between the United States and Iran before next month. Let's hope so! 🤞
Bitcoin Eyes $104,000
Meanwhile, those trading Bitcoin have reasons to be optimistic. The popular trader Crypto Caesar said that Bitcoin remains "strong for now" and that this week will be "very interesting." Another trader, Merlijn, even saw an "inverted head and shoulders" pattern on the BTC/USD chart, which is a bullish signal. 🐂
And hold on tight, because there's a "gap" in the Bitcoin futures market of CME Group that could take us to $104,000. Trader Daan Crypto Trades explained that a gap of about $4,000 opened up and that more than half of it has already been covered. Historically, these gaps tend to fill at the beginning of the week. So, keep an eye on the Bitcoin price! It could give us a pleasant surprise sooner than we expect. 😉
