You look at the news feeds and it seems that the world around is starting to get anxious faster than the crypto market. Today is just such a day.
Bitcoin has been just calmly "walking" within the range of about $65,600 - $69,400 over the last 24 hours. No panic, no sharp movements. Honestly, against the backdrop of what is happening in the world, such stability is even a bit surprising.
As long as crypto holds, there is more nervousness in traditional markets. Oil literally shot up to $117 this morning, but then quickly cooled down and retreated to $103. It's still high, but no longer looks like the start of a commodity panic.
Stock markets today are clearly not in the mood. Asian markets closed down about 3โ5%, and futures on the S&P 500 are currently trading down about 1%. Plus, the dollar is strengthening โ the index remains above 99, which usually puts pressure on risk assets.
The main reason for the tension is geopolitics. The conflict in the Middle East continues to sway market sentiment. Trump is currently trying to soften the rhetoric, but Israel, judging by the statements, is not ready to stop.
In Iran, the situation is also developing harshly: the new supreme leader is the son of the deceased ayatollah. Considering the personal tragedy of his family, expecting quick peace initiatives from him looks, to put it mildly, naive.
Against this background, alarming reports about a possible expansion of the conflict are increasingly emerging โ for example, news about missiles near the territory of Turkey. The next 7โ10 days could be decisive: either tensions will begin to ease, or conversely โ the conflict will draw in more countries.
And all this time Bitcoin remains stable. Even news from regulation hasn't particularly shaken it. South Korea's financial intelligence notified the Bithumb exchange of a partial suspension of operations for 6 months due to AML and KYC violations. For the second largest exchange in the country, this is a serious blow, but the market has practically ignored the news.
However, there is a factor that really supports long-term sentiment. MicroStrategy is once again actively increasing its positions. Last week they bought 17,994 BTC, bringing the total balance to 738,731 bitcoins.
It seems that Saylor continues to play his long game: accumulating BTC regardless of short-term noise.
๐ What I see in the market for the near future:
โ support zone: $64K โ $66K
โ nearest resistance: $70K โ $71.5K
If the news background calms down a bit, the market is quite capable of testing $75โ76K fairly quickly.