On February 24, the price of Bitcoin (BTC) fell below $63,000, hitting an intraday low of $62,694. At press time, the overall relative strength index (RSI) was at 43.21, reading oversold, similar to the Mt Gox and COVID-19 crises. Chairman and CEO of JPMorgan Chase & Co., Jamie Dimon, noted
Source: CoinShares Tensions between the US and Iran have driven recent global market volatility, with both sides considering launching the offensive following failed talks regarding Iran’s nuclear disarmament. Samer Hasn, a senior market analyst at XS.com, says there is potential for a fall to $53-$55K, due to unwavering selling pressure. Matt Howells-Barby of Kraken echoed this view, adding, “The $60k level is a key support level that the bulls are watching closely.” Software company Strategy now sits on $9 billion in unrealized losses from its BTC holdings. Despite previously affirming the crypto winter, Executive Chairman Michael Saylor sees this as a buying opportunity, saying, “Bitcoin is on sale.” Supporting his theory is data from Glassnode, which shows accumulations of over 400,000 BTC at prices ranging between $60,000-70,000. This, in addition to increased mining difficulty, suggests a “buy the dip” trend upcoming as sales near exhaustion. At writing time, BTC was trading at $64,110 following an hourly recovery of 0.08%.What the future holds
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