‘More room to fall’: Bitcoin trades near $67,000 as US-Iran deadlock persists
Bitcoin trades near $67,000 amid persistent US-Iran tensions, with analysts suggesting further downside risk to $60,000.Summary
Bitcoin and the broader crypto market are trading lower due to ongoing geopolitical tensions between the US and Iran, which are fueling inflation fears and keeping the Federal Reserve from cutting interest rates. Bitcoin was recently trading around $66,966, down significantly from its mid-week high near $72,000, and analysts suggest there is "more room to fall," potentially testing the $60,000 support level.
The market sentiment, reflected by the Fear & Greed Index at 9 ("extreme fear"), is heavily influenced by the conflict, which is keeping oil prices elevated. However, analysts note a divergence between retail and institutional investors: retail sentiment is fearful, while institutions are accumulating, evidenced by over $1.13 billion in monthly inflows into U.S. spot Bitcoin ETFs and continued buying from firms like Strategy.
Experts suggest that any de-escalation in the Middle East conflict could trigger a rally above $70,000. Additionally, upcoming U.S. macro data, specifically jobless claims and non-farm payrolls, could spark a risk-on rally if employment figures underperform.
(Source：The Block)