Bitcoin dropped on Thursday below $108,000 amid mounting tensions in the Middle East, but corporations continued to build up their bitcoin holdings.
Risk Appetite Suffers
Bitcoin dipped on Wednesday and closed below $109,000 and extended the losses on Thursday, after reports that Israel is preparing for a military operation against Iran.
Such geopolitical tensions pushed investors toward safe havens, in turn underpinning bitcoin, which has become a favored alternative investment in recent weeks.
Russia escalated its attacks on Ukrainian targets, describing it as retaliation against recent Ukrainian attacks, with Russian drones targeting major Ukrainian cities in intensive strikes.
Trump said he is sending messages to the US trade partners, specifying the new tariffs in the next few weeks as the 90-day pause approaches an end.
As for Iran, Trump threatened once more that Iran can not acquire nuclear weapons.
Corporate Purchases
Despite the tensions, corporations continued to support bitcoin, with Mercurity Fintech Holding announcing plans to purchase $800 million worth of bitcoin as long-term strategic reserves.
Gamestop similarly announced plans to gather $1.75 billion of investment to purchase bitcoins in upcoming weeks.
Analysts are mixed on the outlook of bitcoin, with some expecting a sharp correction towards $95,000, while others believe bulls remain in control with the price heading towards the $140,000-$150,000 range.
Technical Signals Hint at $140,000
Analysts are mixed on the outlook of bitcoin, with some expecting a sharp correction towards $95,000, while others believe bulls remain in control with the price heading towards the $140,000-$150,000 range.
Multiple technical signals and indicators likely pave the way towards a solid breach of the $112,000 recent record high, with a solid target at $143,000, representing a 35% profit.
