Bitcoin edged up on Tuesday and expanded the gains on reports that Iran is seeking a ceasefire with Israel.
But the gains remain limited amid the lack of real signals that the Middle Eastern conflict is slowing down, while traders shun risks before the Fed’s meeting this week.
Investors remain concerned after US President Trump warned Iranians to evacuate Tehran in a threatening message, possibly indicating future US intervention in the war.
Crypto Markets Shrug off BOJ
The crypto market didn’t react to the Bank of Japan’s decision to maintain rates unchanged and start the gradual process of reducing government bond purchases by next year.
Bitcoin’s Performance Through the Crisis
Bitcoin edged up 0.5% to $107,066, but remained in a tight range that trapped the price throughout June.
Reports indicated that US and Iranian officials are considering talks to reach a ceasefire, but Iran dismissed such reports.
Trump Media Seeks Launch of Crypto ETFs
The Trump Media & Technology Group sent a request to the SEC to launch new bitcoin and ethereum ETFs according to a new filing.
This is the second such request of the Trump group, and will join a jam packed market for such ETFs in the US in recent months.
Otherwise, recent Faraside Investors data showed investments into bitcoin ETFs surged to $408.6 million on Monday, the second highest this month.
Still, a survey by Myriad showed that 77% of participants don’t expect bitcoin to close above $107,000 today.
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
