With Bitcoin’s surge over $72k it now outperforms gold and stocks since Iran strikes, but one brutal sell wall is looming
Since the Iran strikes, Bitcoin has outperformed traditional assets like gold and stocks, surpassing $72,000, but faces potential resistance from a significant sell wall.Summary
Bitcoin has demonstrated resilience and outperformed gold, silver, and major US equity indexes following the recent US-Israeli attack on Iran, recovering to over $72,000 despite rising oil prices and shifting expectations for Federal Reserve policy. Since the conflict began, Bitcoin has risen 7.3%, even reaching a one-month high of over $73,000. This performance contrasts with declines in gold, silver, and the S&P 500 and Nasdaq. The rebound is attributed to a combination of a market that had already cleared leverage during an initial selloff and consistent demand from spot Bitcoin ETFs, with inflows totaling $586.99 million this week. However, analysts caution that a bearish outlook persists, citing negative funding rates and whales reducing long positions, alongside significant sell walls between $72,000 and $74,000 that could trigger a pullback. Support levels are identified between $70,500 and $71,000, and deeper at $69,000-$70,000, suggesting a range-bound trading pattern.
(Source：CryptoSlate)