Bitcoin Hit $106K Despite Sell-off And War in Middle East
Bitcoin (BTC) reclaimed the $106,000 level after dipping below $98,500, following US President Trump's announcement of a ceasefire between Israel and Iran. Market anxiety eased, but traders are uncertain if Bitcoin can reach $110,000 or if downside risks persist. The derivatives market remained stable despite a 4.4% price drop, leading to $193 million in liquidations of bullish positions. Bitcoin's hashrate declined by 8% from Sunday to Thursday, raising concerns about mining disruptions potentially linked to the Middle East conflict. Speculation exists regarding unauthorized mining operations in Iran, though data is unclear. Oil prices fell after a peak, coinciding with increased bets on US Federal Reserve interest rate cuts. The probability of maintaining the current interest rate dropped significantly, while the odds of a reduction increased. Institutional interest in Bitcoin appears strong despite global tensions.
