Bitcoin got a shock, breaking below the price of $100k, due to the involvement of the United States in the ongoing Israel and Iran war. Since this war before the involvement of US, the price has not gotten to the highs of $109k, rather has been around the $107k - $108k, but this time has gone above reaching $109k plus.
So, this makes me ask, do you think that in the long run, Bitcoin will only respond to stimuli of any fundamental effect because it happened and swiftly gain it's correction and move on or there'll be something else that might be?
Will like to hear your thoughts.
So, this makes me ask, do you think that in the long run, Bitcoin will only respond to stimuli of any fundamental effect because it happened and swiftly gain it's correction and move on or there'll be something else that might be?
Will like to hear your thoughts.
My thoughts are that you may want to revisit the fundamentals of technical analysis. You’re searching for price reactions that simply aren’t there. The $100K–$110K range is just a sideways channel for Bitcoin in the absence of any strong catalysts.
The conflict hasn’t really acted as a trigger for Bitcoin investors, just like other events over the past six weeks of sideways trading. Right now, the market’s main focus is on the Fed’s decisions and the latest inflation data. Judging by the chart, what’s happening in the Middle East — or even in Europe — doesn’t seem to matter much at this point.
