Bitcoin surges past $107k as crypto market defies global unrest over Israel-Iran tensions

Bitcoin has bounced back above $107,000 after a sharp weekend slump triggered by rising tensions between Israel and Iran.According to CryptoSlate’s data, this is the first time in four days that BTC has crossed this level, showing signs of renewed investor confidence.The downturn began after Israel launched a surprise strike on June 13, reportedly targeting Iran’s nuclear infrastructure and senior military officials. In retaliation, Iran responded with missile strikes on key Israeli cities, including Tel Aviv and Haifa.The initial strike sent shockwaves through global markets, pushing Bitcoin down to around $103,000, a multi-week low. Over $1 billion in crypto positions were liquidated during the plunge, signaling a brief risk-off mood across digital assets.However, investor sentiment toward digital assets appeared to have shifted by Monday morning amid the escalating tensions.CryptoSlate’s data shows that all of the top 10 digital assets by market capitalization registered gains during the last 24 hours, with Solana leading the charge with a 9% jump to $157.Ethereum followed with a 4% gain to more than $2,600, while Cardano also saw significant gains of over 3%.CoinGlass data shows that around $280 million in positions were liquidated during the rebound. Notably, over half of these liquidations came from long positions, suggesting the swift turnaround caught many traders off guard.Macro sentiments favor BitcoinDespite the escalating Middle East conflict, Bitcoin’s upward movement may be less about short-term relief and more about shifting macroeconomic sentiment.Analysts at crypto research firm 10x Research suggest deeper macro themes could create a fertile ground for Bitcoin’s growth. According to the firm, factors like rising oil prices, strong bond yields, mixed labor data, and limited Fed guidance might allow the top crypto to flourish.In addition, on-chain activity suggests a quiet rotation of capital from altcoins into Bitcoin. These reallocations and supportive macro signals could set the stage for a stronger BTC move later in the year.Nonetheless, 10x Research stated that Bitcoin remains in a consolidation phase. According to the firm, as long as the BTC stays above the $100,437 support level, any short-term pullbacks will likely be limited.Mentioned in this articleLatest Alpha Market Report



Source link