Home Bitcoin NewsFinance News Trump Defused A Potential War with Iran: Bitcoin Price Falls Back to $8,000

Trump Defused A Potential War with Iran: Bitcoin Price Falls Back to $8,000

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Bitcoin (BTC) is an excellent place for both haven capital and flight capital to people in Iran who want to protect their assets. After all, over the last few hours, the BTC price kicks off to falter at $8,300 and then dropped at $8,000. That’s the result after US President Donald Trump announced that he would not seek further military action over Iran.

Since January 6, BTC price has rallied over 15% for a $1,100 gain. This suggests that both day and swing traders can also take profits. Meanwhile, it should also be noted that the 4.82% pullback means that global speculators who look for BTC price to rally higher on the potential war against Iran prefer to either take profit or pull their bids since Bitcoin struggles to hold $8,300.

Will Bitcoin “Moon” If There’s War in The Middle East?

Following the killing of Iranian Major General in the Islamic Revolutionary Guard Corps Qasem Soleimani, the market began to move. As expected, both gold and oil jumped. Gold jumped to 2%, while oil is up to 3%. Then, there goes Bitcoin that jumped up to 5%.

The data is fascinating since it implies that the global professionals reacted to the news more quickly than private speculators. This also suggests that BTC has the most beta and provides a lot of time to get a trade on in response to the news. Of course, it appears to be a gift to skilled traders with a 3-hour warning to buy.

However, the recent cryptocurrency market report displayed that the price of Bitcoin already dropped. So, the extended US and Iran conflict will not guarantee that the price of Bitcoin will be higher or lower.

Immediate Price Action of Bitcoin

The immediate Bitcoin’s price actions come with a several factors to consider. The speculators look for $8,300 to hold as a way of supporting the resistance. Ideally, this event can be an area of contention since the $8,300 lines up along with the long-term descending channel’s main trendline.

In the case that $8,300 fails to offer a support, speculators can rely on $8,130 because it is aligned with the 200-Day Moving Average. In addition, it also comes with a high-volume node based on the profile visible range indicator.

The recent update displays that the price of BTC continues to pull closer to %8,000. Besides, the bulls attempt to hold the 200 DMA. Apart from the current rally runs out of gas from the relative strength index’s overbought position on the six-hour chart, the moving average convergence divergence also implies that the bulls run out of steam. Then, following the local high at $8,478, the spinning top candlestick suggests a pullback is working hard.

In the case that $8,000 gives away, investors might like to target the $7,850 – $7,550 area. This will also fall close to the 61.8% – 50% Fibonacci retracement zones. As President Donald Trump spoke, the overall crypto market cap pulled back somewhat at around $214 billion, and the dominance of Bitcoin holds at 69.1%. 

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Maheen Hernandez

A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5

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