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Bitcoin prices fell below six numbers for the first time since the beginning of May, but weakness is only temporary, according to co -founder Bitmex Arthur Hayes.
Bitcoin (BTC) prices fallen At their lowest level for more than six weeks on Sunday on Sunday, when they dropped below $ 98,500, they come after an American air strike on an Iranian nuclear facility at the weekend.
However sub-sestipheral Drop did not last long, and the asset received $ 101,000 regeneration during timely trading in Asia on Monday morning.
Founder Bitmex Arthur Hayes said X that “weakness passes” and bitcoins “do not doubt the state of safe refuge”. He said it would drive more central bank Printing.
Jump back or fall back?
In a note shared with Cointlegraph 10x research leading research Markus Thielen that if Bitcoin remains above the short -term $ 98,000 pricing and support for $ 102,000 trends, “merchants can continue to look for tactical opportunities for the Assembly.”
He warned, however, that the break below this scope “moves the focus on risk of driving, especially if there is no strong catalyst”.
Related: Bitcoin closer to stocks than gold as the War in the Middle East deepens
Bitcoins are in a five-week consolidation phase, with three unsuccessful attempts to break over $ 110,000 due to short-term macroeconomic shocks, from the tariffs in May to the escalation of Israel-River in June.
“These events have stressed that Bitcoin does not behave as a risk of securing in the current environment.”
Thielen told Cointlegraph that he expected to continue trading sideways for several months. “Our opinion is that we consolidate during the summer,” he said.
Institutional demand remains strong
Eugene Cheung, Chief Sales Director of Digital Asset Platform Osla, remains bull.
“Although Bitcoins briefly immersed under $ 100,000 in the middle of increased geopolitical tensions on US strikes at Iranian nuclear places, its resistance indicates strong institutional support and long -term bull sentiment,” Caintelegraph said on Monday.
He added that the structural demand for both bitcoins and ether (Eth) because the volatility of the market “emphasizes the sensitivity of the crypt to macro risk, emphasizes the ongoing pattern that absorbs shocks and continues in the general bull trend”.
Is it time for altcoins to run?
Meanwhile, Nick Ruck, director of LVRG Research, said Cointlegraph that altcoins could work better in the coming months.
“While the volatility of the Bitcoins was focused after the escalation in the US-Oran, the altcoin market shows signs of divergent power,” he said, adding,:
“In the coming months, they could see that altcoins are overcome if macro stabilizes and crypto-specific catalysts get traction.”
Most altcoins were 1.5%or approximately $ 50 billion at the time of writing in red, with a total crypt of market crypto, in the last 12 hours to drop to $ 3.21 trillion. according to It’s Coingecko.
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