Analysis: Bitcoin Rises Against the Trend and Holds Steady Near $70,000 Amid Middle East Conflict and Stock Market Pressure
Odaily reported that, against the backdrop of escalating conflict in Iran and pressure on global stock markets, the price of bitcoin remains resilient, holding around $70,000. Despite persistent pessimism in the crypto market—recently, the Crypto Fear & Greed Index has stayed in the "Extreme Fear" zone, and the annualized funding rate for bitcoin perpetual contracts has remained negative since early March, indicating rising bearish sentiment—bitcoin's price has not seen a significant pullback. Meanwhile, Wall Street's volatility index, the CBOE Volatility Index (VIX), rose to 25 this week, its highest level in over a year. Since the escalation of Middle East tensions on February 28, bitcoin has gained about 7%, outperforming most major assets: the Nasdaq-100 Index is roughly flat, the S&P 500 has fallen about 1%, gold is down about 3%, and silver has dropped nearly 9%. In addition, BlackRock's spot bitcoin ETF, iShares Bitcoin Trust (IBIT), rose about 1% during Wednesday's US stock trading session, while major stock indices such as the Dow Jones Industrial Average generally declined, highlighting bitcoin's relative resilience in a turbulent market environment. Analysts believe that large traders and institutions are continuously accumulating bitcoin through over-the-counter transactions, which may be a key factor supporting price stability. (CoinDesk)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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