‘Optimism looks fragile’: Bitcoin wavers as Iran strikes revive geopolitical tensions and analysts warn of range trap
The Block
Bitcoin wavered near $77,000 as renewed geopolitical tensions and institutional caution trap the asset in a tight trading range.Summary
Bitcoin price volatility has increased as U.S. strikes in Iran heighten geopolitical uncertainty, leading analysts to describe market optimism as fragile. Data from Bitfinex suggests Bitcoin is currently trapped in a $72,000 to $82,000 range, with significant selling pressure from short-term holders who are currently underwater. While leverage has accumulated to levels reminiscent of previous drawdowns, exchange reserves remain at seven-year lows, suggesting that the underlying long-term holder base remains stable despite the lack of immediate institutional momentum.
(Source：The Block)