Key Points
- Two US officials reported that Israel struck targets in Western Iran.
- Bitcoin dropped more than 5.5% below $60k in the Asia session but quickly managed to rebound.
Btcoin’s price was affected by the latest Israel attack on Iran news, dipping below $60k, ahead of a quick rebound.
Israel has launched a retaliatory strike against Iran this Friday morning, according to reports from ABC News. Bloomberg also confirmed via two US officials the attack on targets in Western Iran.
Bitcoin’s price dropped by more than 5%, below the important levels of $60k in the Asia session, as noted by Reuters, but then the digital asset quickly recovered above $64k. At the moment of writing this article, BTC is trading above $64k, up by 6% in the past 24 hours on CoinMarketCap.
Bitcoin is only a few hours ahead of the halving event, which is scheduled to take place later today.
The market overlooks the attack, focused on the halving
The missile launches from Israel follow Iran’s attack that took place last Saturday when the country sent more than 300 drones and missiles toward Israel targets. All but a few were intercepted by Israel and allies, including the US, according to officials.
The market was slightly affected during the past weekend as well, leading to a price dip for Bitcoin and quick rebound.
Now, it looks like the market is overlooking the attack, as Bitcoin quickly recovered above $64k, a few hours ahead of the halving event.
Bitcoin’s halving event is expected to be a “sell the news” one, and most likely being priced in at this point, according to Semir Gabeljic, director of capital formation at Pythagoras Investments.
He also said that all of the recent retracements, including this one, are in line with historical halving drawdowns, highlighting that the only difference now is the uncertainty of the macro landscape ahead. He believes that this will only create more volatility for the prices.
As reported the other day, BlackRock is among the financial entities that have an optimistic view of Bitcoin, especially due to the strong demand and success of the Bitcoin ETFs.
Hong Kong’s announcement regarding the approval of the first batch of Bitcoin and Ethereum ETFs also brought optimism to the market at the beginning of this week.
We’re about 15 hours ahead of the halving event, and the market expects high volatility.
