Bitcoin (BTC) takes war hit but recovery sees bullish chart formation

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Tensions between Israel and Iran caused cryptocurrency markets to decline last weekend, with Bitcoin dipping below $60,000 for a second time. But fear not, Bitcoin investors! Almost half of that loss was regained by Monday morning.

Bitcoin price crashes over weekend

The potential for war in the Middle East likely caused Bitcoin to drop nearly 16% between Friday and Saturday. This kind of geopolitical tension is exactly what cryptocurrencies like Bitcoin were designed to mitigate. However, even with this capability, news of escalating conflicts in the Middle East was enough to cause traditional markets to plummet on Friday, and Bitcoin to experience a significant dip over the weekend.

Bull flag is formed

The dip caused the Bitcoin price to plummet out of the triangle it had been holding since mid-March. However, the lowest point of this dip, around $59,000, now serves as the lower limit for a large bull flag. This is an extremely optimistic sign, and if this pattern unfolds as expected, Bitcoin’s price could reach a potential high of $96,000.

When the price of bitcoin dipped down to around $59,800, it likely made Bitcoin traders and investors quite uneasy. Just below this level was a significant support level at $59,000. If Bitcoin had fallen below this point, it might have required a thorough reassessment of the ongoing bull market for Bitcoin.

Asian money enters the fray

Currently, the price of Bitcoin and Ethereum is bouncing back nicely, and the recent approval of Spot Bitcoin and Ethereum ETFs in Hong Kong could lead to even greater price increases. Although the focus is often on Bitcoin ETF developments in the Western world, significant Bitcoin market movements frequently occur in Asia. With Hong Kong joining the ranks of Spot Bitcoin ETF providers, a substantial influx of funds may be imminent for Bitcoin.

Connect this event, scheduled for this Friday with the anticipated halving, which could bring the most significant price shifts in Bitcoin. The bull market is set to gain momentum strongly. Missing out on Bitcoin and having it in the bank may not be ideal. It’s crucial to learn about the upcoming financial evolution.

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2024-04-15 13:12