Bitcoin Today 10/02/2024: Iran’s attack on Israel brings down the market and BTC falls to US$61,000

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Bitcoin Today 10/02/2024: Iran’s attack on Israel brings down the market and BTC falls to US$61,000
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After Iran carried out a massive attack against Israel – the largest in the history of this conflict – there was a real bloodbath in the market. Among the 100 largest cryptocurrencies, only three managed to open higher this Wednesday (02) and Bitcoin fell sharply to US$61,000.

According to CoinGecko, the highlight was the Wormhole token (W), whose price soared 24% in the last 24 hours. But this appreciation was not due to economic factors, but rather due to the fact that the exchange Upbit announced the listing of W on its platform.

In the Top 10, Bitcoin (BTC) fell 4% and reached below US$61,000, consolidating its current downward trend. This was the biggest daily drop since August 26, when BTC opened the day with losses of 5.46%. Dogecoin (DOGE) fell 10% and led the day’s losses, while Ethereum (ETH) fell almost 7%.

Analyst Peter Brandt recently indicated that despite a temporary rally in Bitcoin’s price, the cryptocurrency has not overcome crucial resistance levels needed to change its long-term bearish trajectory. Fernando Pereira, an analyst at Bitget, links the fall of BTC to a flight to the safety of the dollar.

Bitcoin bearish structure remains intact

According to Peter Brandt, the recent rise in the price of Bitcoin has not changed the cryptocurrency’s downtrend. Despite the price reaching $66,000, BTC was unable to overcome the $70,602 resistance level.

In Brandt’s view, this price level is the biggest resistance at the moment and its breakout is necessary to confirm a downtrend reversal.

Brandt emphasizes that the pattern of minor tops and bottoms, a classic indicator of a downtrend, remains intact. Without a decisive close above these levels, particularly the $71,000 barrier, any appreciation is simply part of the downtrend.

Furthermore, the escalation of the Israel-Iran conflict has added another layer of complexity. As global instability increases, investors are shifting to safer assets such as treasury bonds and gold.

For Fernando Pereira, this escape is even reflected in stock indices, especially in the S&P 500. According to his analysis, Iran’s attack triggered an ascending wedge formation in the S&P500.

“We must stay tuned day after day in this training. If this wedge is broken downwards at some point, it will mean investors fleeing to the dollar and more aggressive falls in all markets, including the crypto market and Bitcoin”, explained the analyst.

Bitcoin Today 10/02/2024: Iran’s attack on Israel brings down the market and BTC falls to US$61,000

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Bitcoin Today 10/02/2024: Iran’s attack on Israel brings down the market and BTC falls to US$61,000

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Bitcoin Today 10/02/2024: Iran’s attack on Israel brings down the market and BTC falls to US$61,000

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