Bitcoin rebounds despite Middle East fears

BTC Reclaims $106,000 During Trading Hours... Altcoins Also Rebound
Experts: Investors Interpret Middle East Situation as 'Localized Conflict'
"BTC Needs Additional Buying Pressure Following Geopolitical Risks" Forecast

Bitcoin (BTC) successfully defended its price despite Middle East war fears, maintaining the $106,000 level on the 16th.

As the conflict between Israel and Iran intensified, fear filled the asset markets on the 16th. Bitcoin, which had initially declined in tandem, recovered during trading hours and rebounded to $106,000.

Experts interpreted the Bitcoin rebound as investors consistently buying while interpreting the Middle East situation as a 'localized conflict'.

A researcher from Cryptomi Cryptoquant explained on the 16th, "Bitcoin is showing solid fundamentals despite recent Middle East tensions" and "Looking at exchange net deposit/withdrawal indicators, there hasn't been massive Bitcoin deposits, and overall open interest remains robust." He further added, "The market currently views the Middle East situation as a 'localized conflict', which is why there are no large-scale exits" and diagnosed it as "a hopeful situation so far".

Multiple altcoins also rebounded with Bitcoin. Low market cap 'lightweight' altcoins recorded over 10% growth rates.

◇Bitcoin = The Bitcoin price on Upbit at 4 PM on the 16th was 146,950,000 won. Bitcoin dominance was 64.53%.

According to on-chain analysis platform Sigbit, the long and short betting ratios in the Bitcoin futures market were 44.03% and 55.97% respectively.

Despite Bitcoin's rebound, concerns about potential price declines were raised from various sources.

Crypto media Cryptopotato analyzed on the 15th that "While Bitcoin shows stability despite geopolitical risks, maintaining the current price level without new buying pressure also implies potential downside risks".

◇Rising Coins = At 4 PM on Upbit on the 16th, Status Network Token (SNT) showed the largest increase, rising approximately 18%.

Status is a message platform developed based on Ethereum ERC, a mobile service connected with Ethereum's dApps. It aims to resolve potential coercion and corruption from centralized systems through blockchain technology adoption.

Status Network Token is used on the Status platform and utilized in various markets supported by the platform. Similar to the Ethereum platform, it enables smart contracts and supports money transfers and payments between users via messenger.

◇Fear and Greed Index = The Alternative digital asset Fear-Greed index is at 61 points, entering the 'Greed' stage. The greed stage is a period with increased price volatility and trading volume, with a high likelihood of price increases. Caution is advised for potential short-term peak formation.

The cryptocurrency Relative Strength Index (RSI) provided by Sigbit recorded 56.7, indicating a 'neutral' state. RSI measures the relative strength between upward and downward price pressures for a specific asset and indicates overbought and oversold scales.

Reporter Seung-won Kwon ksw@blockstreet.co.kr