Bitcoin showed signs of recovery today after a short correction last week, but the sentiment remains cautious as the Iran-Israel war flares up.
Bitcoin is up 2% so far today at $106.9 thousand on Coinmarketcap.
Despite the geopolitical headwinds, institutional demand on bitcoin remains strong with Japan’s Metaplanet adding 1100 bitcoins to its reserves, while bitcoin ETFSs received over $1.37 billion of investments last week.
Bitcoin underwent a sharp correction on Thursday to a low if $102,664 as the Israeli conflict with Iran blew up.
Israeli continues to targer Iran with heavy air strikes aiming at the nuclear and military infrastructure of the country and promoting Iranian retaliation.
Despite the headlines, the markers remained relatively calm, with global stocks gaining ground and oil prices rising as well.
Safe havens such as gold dipped today while high risk assets such as bitcoin gained mild ground.
Institutional demand on bitcoin remains strong with Metaplanet purchasing 112 thousand units today m, raising the total reserves to 10,000 bitcoins.
Technically, some analysts are still expecting a downward correction potentially below $100,000 as bulls potentially lose steam due technical resistance.
RSI indicators are showing volatility near the 50 neutral levels.
MACD is outright negative and likely supports a downward scenario.
However, the price could surprise us with resilience and surged towards the coveted $112,000 record high once more
