The crypto market has bounced slightly from anxiety earlier on Friday about the escalation of the conflict between Israel and Iran.
After slumping to the $102,600 mark, Bitcoin
BTC$105,166.20
Reports of fresh waves of airstrikes targeting Iran rebounded to around $106,000 before fading fades during US afternoon hours. The top cryptocurrency has dropped by 1.6% in the last 24 hours, changing hands at $105,200, falling below the shyness of the highest price ever.
Meanwhile, Coindesk 20 is the index of the top 20 cryptocurrencies by market capitalization excluding memokine, stubcoin and exchange coins – lost 4.4% in the same period. Tokens such as ether
ETH$2,525.74
,avalanche
avax$19.01
and Toncoin
Ton$2.98
It had fallen between 6% and 8%.
However, crypto stock is not too hot. Most stocks are in red, with Bitcoin Miner Mala Holdings (Mara) and Riot Platform (Riol) in particular falling by 5% and 4% respectively. A notable exception is the Stablecoin Issuer Circle (Circl). Stocks are up 13% today, with news from retail giants Amazon and Walmart reportedly exploring momentum.
Traditional markets do not seem to be heavily involved in the war. Gold has risen 1.3% and is preparing for a potentially new high, while the S&P 500 and NASDAQ have fallen only 0.4% each.
What’s next for Bitcoin?
“There’s been a low shortage of great bounces and follow-throughs so far,” Skew, a follow-up crypto trader, said on Friday’s X-Post. Market participants are likely to be cautious throughout the weekend with BTC, which correlate closely with traditional markets amid increasing geopolitical risks, Skew added.
In the longer time frame, some analysts see the risk of a deeper pullback.
Markus Thielen, founder of the 10x Research, noted that BTC’s drop below $106,000 would be converted to a failed breakout, and traders would have to wait for a more favorable setup before purchasing the DIP.
He highlighted the $100,000 to $101,000 zone as key support, warning that the break below could mark a return to a broader integration phase similar to last summer.
Bitcoin Lender Ledn Chief Investment Officer John Glover claimed that Bitcoin could enter the correction phase from record highs, with its biggest digital assets dropping from $88,000 to $93,000.
According to John Glover, potential corrective phases of Bitcoin at a bigger uptrend (LEDN/TRADINGVIEW)
He said the $90,000 level could provide favorable entries for opportunistic investors before BTC resumes its upward trend.
“If this pattern unfolds, the next move is expected to rise to the $130,000 area,” he said.
