Bitcoin (BTC) price news: Hold onto "dry powder" while prices swing, says one analyst

Bitcoin remained near $69,000 as the conflict in Iran escalated, impacting energy markets and global economies. Oil prices surged, briefly reaching $100 a barrel, fueling inflation concerns and prompting investors to reconsider expectations for central bank rate cuts. Traditional markets, including the S&P 500 and Nasdaq, experienced declines, while gold saw a significant drop. Despite the risk-off sentiment, Bitcoin demonstrated relative strength compared to gold during the initial phase of the conflict, outperforming it by around 20%. However, Bryan Tan of Wintermute suggests investors should remain on the sidelines, preserving “dry powder” until market conditions stabilize, as prices continue to fluctuate with each headline regarding the conflict. He notes the high correlation between Bitcoin and oil prices and the lack of sustained momentum above $75,000 indicate a cautious market.

(Source：CoinDesk)