Bitcoin price primed for recovery, unless geopolitical tensions get worse: Bitfinex
Bitcoin’s trading after the conflict between Israel and Iran resembles a capitulation, and recovery may be coming soon, says Bitfinex’s report.
Bitcoin (BTC) experienced a sharp downturn following the recent conflict between Israel and Iran, triggering a wave of risk-off sentiment among investors. However, according to a Bitfinex Alpha report published on June 16, the market may be positioned for a recovery, provided global tensions do not escalate further.
While Bitcoin started the previous week on a strong note, rising 4.7% and testing its all-time high at $109,590, the unexpected Israeli strikes on Iran on June 13 unexpected Israeli strikes on Iran and the subsequent retaliations made traders much more risk-averse.