BTC Holds Support for Now
Bitcoin prices are on watch this week with the market currently testing a major support level. BTC futures briefly dipped below the $100k mark before rebounding back above the level through early European trading today. The level is seen as a key pivot with bulls needing to hold prices atop this marker to maintain the bullish outlook. If price breaks back below the level, however, this could pave the way for a deeper correction lower.
US-Iran News
The US airstrike on Iran over the weekend saw BTC prices coming under pressure initially at the weekly open as risk markets reacted lower. However, with no retaliation yet from Iran and no further attacks from the US, this risk-off move is correcting for now. However, the situation remains highly precarious, and markets are only one bad headline away from a seismic move.
Iran Retaliation
For now, traders are waiting to see how Iran retaliates against the US. If the conflict escalates, and the possibility of a ground war is raised, this could see BTC falling sharply lower as heavy risk aversion sweeps markets. Indeed, reports this morning of fresh Iranian missile attacks on Israel show that Iran is not backing down. Against this backdrop, the prospect of a fresh move lower in risk markets looks elevated this week.
Technical Views
Crude
The sell off in crude has found support for now into a test of the $100k mark and bull channel lows. While this region holds, focus is on a fresh push higher and a further challenge of the $108,855 level. Above there, bulls will be targeting a test of the channel highs and the $120k level next.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.