Bitcoin Briefly Dips Below $100K, Hayes Sees Strong Recovery
Bitcoin prices fell below $98,500 for the first time since early May, influenced by geopolitical tensions following a US airstrike on Iranian nuclear facilities. The dip was short-lived, with prices rebounding to $101,000 during early Asian trading. BitMEX co-founder Arthur Hayes expressed confidence in Bitcoin's resilience, attributing future strength to central bank money printing. Markus Thielen from 10x Research indicated that as long as Bitcoin stays above $98,000 and $102,000 support levels, traders can seek rally opportunities; however, a drop below these levels would necessitate risk management. Bitcoin has faced consolidation with failed attempts to surpass $110,000 amid macroeconomic shocks. Institutional demand remains strong, with OSL's Eugene Cheung noting resilience despite volatility. Nick Ruck from LVRG Research suggested that altcoins may outperform Bitcoin if macro conditions stabilize. Overall, the crypto market capitalization decreased by 1.5%, falling to $3.21 trillion.
