Source: Fortune
Summary
Bitcoin’s price fell below $70,000, extending its decline from the previous day, as stocks and energy prices were affected by renewed attacks on energy infrastructure in the Middle East. Other cryptocurrencies also declined. Experts predict a possible pullback towards $65,000 and price action between $65,000 and $75,000 in the coming weeks. The conflict in Iran has triggered a broad risk-off attitude across global markets, with Japanese equities suffering their longest slump since April and European equities falling across the board.
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The numbers tell one story.
Bitcoin’s decline coincides with escalating tensions in the Middle East, sparking a risk-off attitude across global markets. Energy prices surged, with Brent oil reaching $115 a barrel and European natural gas rising as much as 35%. Experts warn of a possible stagflation, with rising prices and stagnating growth posing a real threat. The bear market is anticipated to continue, with macro factors likely to beat bulls soon.
Bitcoin’s price action is likely to remain between $65,000 and $75,000 in the coming weeks, according to Robin Singh, CEO of Koinly.
The conflict in Iran has triggered a broad risk-off attitude across global markets.
Bitcoin’s decline is a symptom of a larger trend, as the spectre of stagflation looms over the global economy.
Author: Evan Null
