Key Takeaways
- Bitcoin’s Concern & Greed Index stays in ‘greed’ regardless of Israel-Iran battle.
- BTC worth dipped 2.8% however stayed above $100,000, with over $1.74 billion in lengthy positions in danger if breached.
- Spot Bitcoin ETFs noticed $1.37 billion in weekly inflows, contrasting with spot Ether ETF outflows.
Market sentiment stays sturdy
The Bitcoin Concern & Greed Index held regular within the “greed” territory with a rating of 60 on Sunday, whilst Israel launched airstrikes on Iran and geopolitical tensions spiked.
Bitcoin’s worth dropped 2.8% to $103,000 on Friday after explosions in Tehran, however the index slipped solely modestly from its 71 studying on Thursday.
Analyst Za on X famous:
“Bitcoin doesn’t appear involved concerning the Israel and Iran battle (but).”
Anthony Pompliano added:
“Bitcoin is relentless.”
Bitcoin worth tendencies
Bitcoin, which was closing in on its all-time excessive of $111,970 set on Might 22, is at present buying and selling at $105,670.
Over the previous week, Bitcoin is up 0.07%. Ether, by comparability, dropped 10.79% to a low of $2,454 earlier than recovering to $2,534.
Confidence amongst merchants stays, with Bitcoin holding above the psychological $100,000 mark—a stage first reclaimed on Might 8 after three months. If Bitcoin had been to fall beneath $100,000, over $1.74 billion of lengthy positions could possibly be liquidated, in response to CoinGlass.
ETF flows and historic context
Spot Bitcoin ETFs recorded $1.37 billion in inflows in the course of the week ending Friday, in response to Farside knowledge.
April 2024 noticed a steeper worth drop after Iran’s direct assault on Israel, when Bitcoin fell 8.4% on April 13 and the index plunged from “greed” to “concern” inside weeks. The present resilience stands out as compared.