CandleFocus Middle East Tension Puts Bitcoin (BTC) Bull Run to $80,000 on Hold
2024-10-02
Author: Content Editor
Bitcoin's anticipated bull run in October has been setback due to rising geopolitical tensions in the Middle East. Before the missile strike on Israel, Bitcoin's price was over $64,000. However, the incident caused a drop to $60,350 as investors responded with sell-offs. The Bitcoin Fear and Greed Index also dropped from 61 to 39, indicating growing fear in the market. Bitcoin's price has fallen below the Short-Term Holder Realized Price, suggesting a potential pause in its bull run. The In/Out of Money Around Price (IOMAP) shows that the region between $63,510 and $65,323 is critical for Bitcoin, with 2.15 million addresses holding 1.27 million BTC in that range. A decrease to $59,813 is possible in the short term, and Bitcoin will need to surpass $66,000 to invalidate the bearish condition.
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