Bitcoin trades weak on hints of US involvement in Middle East war

Trump on Social Media: "Iran, Surrender Unconditionally"
BTC Defends Against Further Decline with Dip Buying After Morning Drop
Altcoins Show Weak Performance Following BTC's Decline
Experts Predict Geopolitical Conflicts Will Boost BTC

Bitcoin (BTC) continued its weak performance on the 18th amid tensions in the Middle East region.

On the 18th, the White House held a National Security Council (NSC) meeting to discuss potential US involvement in the regional conflict. Trump also left a warning message. On his social media platform 'Truth Social', he stated, "I know exactly where Iran's supreme leader is hiding" and "Our patience is diminishing, and Iran must surrender unconditionally!"

Bitcoin dropped in the morning due to concerns about potential US military intervention in the Middle East conflict, which could escalate into a world war. However, subsequent dip buying prevented further decline, but it maintained a weak performance throughout the day.

Altcoins, considered 'risky assets', also showed a weak performance following Bitcoin's decline. Only a few low-market-cap altcoins recorded gains exceeding 5%.

◇Bitcoin = At 4 PM on the 18th, the Bitcoin price on Upbit was 145,310,000 won. Bitcoin's dominance was 64.81%.

According to on-chain analysis platform Sigbit, the long and short betting ratios in the Bitcoin futures market were 51.40% and 48.60%, respectively.

Despite Bitcoin's decline due to Middle Eastern tensions, predictions suggest Bitcoin will ultimately rise.

Mitil Takore Vella, co-founder, told Cointelegraph, "Geopolitical conflicts potentially increase global inflation in the long term" and "This could be favorable for Bitcoin, connecting to expanded fiscal spending, monetary easing, supply chain disruptions, and sharp increases in commodity prices."

◇Rising Coins = At 4 PM on the 18th, BORA was the cryptocurrency with the largest price increase on Upbit, rising by about 5%.

BORA, a representative domestic Non-Fungible Token, is gaining attention as a decentralized digital currency based on blockchain technology.

The BORA project aims to develop a comprehensive game and content platform providing NFT marketplace, AMM DEX, and community features to activate a blockchain game ecosystem with player token economy.

◇Fear and Greed Index = Alternative's digital asset Fear-Greed Index reached 52 points, entering the 'Neutral' stage. The neutral stage represents a zone where market participants show psychological resistance and support, indicating important decision-making for future price movements.

The Relative Strength Index (RSI) provided by Sigbit recorded 44.4, indicating a 'neutral' state. RSI measures the relative strength between upward and downward price pressures and indicates overbought and oversold scales for specific assets.

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