Bitcoin Up, Oil Down As Middle East Fears Dissipate
Bitcoin (BTC) remained stable at approximately $102,000, up 0.7%, amid expectations of a short-lived conflict in the Middle East. After reaching its lowest point since early May at $98,000, Bitcoin gained traction as Wall Street opened. Despite escalating tensions and potential disruptions in oil supply, oil prices fell, and gold remained steady, indicating market confidence. Predictions showed a 92% likelihood of US-Iran diplomatic efforts beginning soon. Technical analysis suggested investor optimism, with Bitcoin displaying a potential inverse head-and-shoulders pattern. Traders noted a CME Group Bitcoin futures gap that could lead to a rally towards $104,000. Overall, market sentiment leaned towards viewing the situation as a regional issue rather than a global crisis.
