Despite the global macroeconomic catastrophe experienced last week, the price of bitcoin rose from $75,000 to almost $82,000 in a few days, reaching its highest level since the beginning of the month.
However, the breakout attempt was stopped at $82,000 due to more worrying news from the Middle East. There is also a technical aspect which made it possible to avoid a further advance.
New climbing
Numerous online reports suggested on Sunday that the United States had warned that hostilities between Saudi Arabia and the Iran-backed Houthis had intensified, with some even suggesting the latter’s capital was the target of drone and ballistic missile attacks. BBC added that even some energy sites on the country’s Red Sea coast have been targeted.
Saudi authorities said they intercepted and destroyed a ballistic missile fired at Riyadh on Saturday evening, saying there were no casualties or further attacks.
“The Iranian-backed Houthis have engaged in hostilities against Saudi Arabia, including at civilian airports. This military conflict has the potential to escalate rapidly,” the US State Department said. The statement also warned Americans to “seriously reconsider travel to and through the region.”
Meanwhile, Daily Iran News, an X account with over 500,000 followers, claimed that Iran had issued “Code 100”, its highest alert level, for all armed forces earlier this morning. It covers the IRGC, the army and the security forces.
In response to this news, Trump reportedly cut short his weekend at Camp David to return to the White House, citing the risk of a significant escalation. Netanyahu, from Israel, is also reportedly returning to his country after cutting short his trip to the United States.
TD Sequential
We saw last week that the blows caused by the CLARITY Act setback, the Fed rate hikes, and the hawkish outlook that followed could not keep BTC low for now. The asset fell to $75,000 after the Senate vote, but saw an impressive rise Friday and Saturday, approaching $82,000 for the first time in two weeks.
This notable rally, however, modified certain technical aspects. Ali Martinez reported that the TD Sequential, which issued a buy signal when BTC fell to $75,000, turned into a sell signal on Saturday evening, just as the cryptocurrency hit $81,500.
“This suggests that near-term momentum may be stretching, and I’m closely watching for signs that it’s time to take profits,” he said. added.
The post Why Was Bitcoin Rejected at $82,000? 3 reasons behind the Sunday withdrawal appeared first on CryptoPotato.
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