Key points:
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Bitcoin recovers from travel under $103,000, and the market is on the brink of the Israel-Iran conflict.
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Oil stole the show on the day, but the analysis was far from consistent.
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BTC price forecasts see a rebound continue, ridding the possibility of further losses.
Bitcoin (BTC) Bounced $105,000 around the Wall Street Open on June 13 as the market awaited clues of the Israel-Iran conflict.
Oil may see “final flush”
From Cointelegraph Markets Pro and TradingView BTC/USD took the stage to make modest rebounds after dumping at BITSTAMP to $102,816.
Geopolitical tensions Overnight, cryptocurrencies and inventory triggered losses in steals, while oil soared by two-month highs.
While writing, both the S&P 500 and the Nasdaq Composite Index fell by about 1% on the day.
Reaction, crypto commentators have different views on how the refueled oil prices affect Bitcoin and altcoins.
“Good. Gold is up. Bitcoin is down,” crypto entrepreneur Anthony Pompomome wrote in part initially Response on X.
Pompliano recalls earlier episodes of tensions in the Middle East, while predicting that BTC will eventually benefit.
He concluded: “Bitcoin ended up doing a great job in the first 48 hours in this case. It would be interesting to see what happened here.”
Popular analytical resources Bitcoin macro believes that oil returns may be short-lived.
“After this, there may be significant movement of oil. So far, it’s clear that they are not and will not target Iran’s oil facilities,” part of its X material statement.
“The premium may evaporate, and technically, the oil may undergo a final flush before it rises.”
In October, Arthur Hayes, former CEO of crypto exchange Bitmex, argued that ocean changes in the Middle East will be Oil and BTC price action.
“Bitcoin is stored in digital form. So if energy prices rise, Bitcoin will be worth more in terms of fiat currency.”
Bitcoin Price Explores “Double Bottom”
Among traders, short-term views on BTC/USD remain optimistic.
Related: Bitcoin Price Bollinger Bands ‘failed’ risk of ending upward trend, $112K
Popular trader Crypnuevo noted that the price has returned to the 50-day exponential moving average (EMA), a trend line that has been supported since late April.
“I think we’ll get even more up as long as we manage to hold a $100,000 level of psychological support.” Tell X Followers.
Trader Encrypted Caesar predict The Bitcoin will “recover as soon as possible” and call the overnight low a “double bottom”.
“Bounced well so far and lacked a lower follow,” trader skewed continued About the topic.
“There is still some caution in the market today and on the weekends, namely cryptocurrencies related to Iran and Israel. It is also possible to see a close correlation with global markets.”
This article does not contain investment advice or advice. Every investment and trading move involves risks and readers should conduct their own research when making decisions.
