Following a weekend slump triggered by escalating tensions between Israel and Iran, Bitcoin has rebounded, surpassing $107,000 as of June 17, 2024 (Source: CryptoSlate).
This marks the first time in four days that Bitcoin has reached this level, indicating a resurgence in investor confidence (Source: CryptoSlate).
The initial downturn, which began after an Israeli strike on June 13, led to a drop in Bitcoin's price to approximately $103,000, a multi-week low (Source: CryptoSlate).
Iran's retaliatory missile strikes on Israeli cities, including Tel Aviv and Haifa, further intensified market volatility (Source: CryptoSlate).
During the initial plunge, over $1 billion in crypto positions were liquidated, reflecting a risk-off sentiment across digital assets (Source: CryptoSlate).
By Monday morning, investor sentiment appeared to shift, with the top 10 digital assets by market capitalization registering gains (Source: CryptoSlate).
Solana led the gains with a 9% jump to $157, followed by Ethereum, which rose 4% to over $2,600, and Cardano, which saw gains exceeding 3% (Source: CryptoSlate).
Data from CoinGlass indicates that approximately $280 million in positions were liquidated during the rebound, with over half of these liquidations coming from long positions (Source: CoinGlass).
Analysts at 10x Research suggest that deeper macro themes, such as rising oil prices, strong bond yields, mixed labor data, and limited Fed guidance, could support Bitcoin's growth (Source: 10x Research).
On-chain activity reveals a quiet rotation of capital from altcoins into Bitcoin, potentially setting the stage for a stronger move later in the year (Source: 10x Research).
10x Research notes that Bitcoin remains in a consolidation phase, with any short-term pullbacks likely to be limited as long as BTC stays above the $100,437 support level (Source: 10x Research).