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Bitcoin (BTC) News Today: Geopolitical Tensions Push Bitcoin (BTC) Below $65K

By:
Bob Mason
Updated: Apr 14, 2024, 05:47 GMT+00:00

Key Points:

  • Bitcoin (BTC) slid by 3.78% on Saturday, ending the session at $64,881.
  • Risk-off sentiment stemming from the escalation in the Middle East conflict impacted buyer demand for BTC.
  • On Sunday, news updates from the Middle East and the likely impact on the BTC-spot ETF market need consideration as the Bitcoin Halving event approaches.
Bitcoin (BTC) News Today

In this article:

Geopolitics: Escalation in the Middle East Conflict Sends BTC to Sub-$65,000

BTC slid by 3.78% on Saturday. Following a 3.70% decline on Friday, BTC ended the session at $64,881.

News of Iran launching an attack on Israel impacted buyer demand for BTC and the broader crypto market. Investors should be mindful of a military response from Israel and the likely implications for the region and beyond.

The escalation comes at a pivotal time for BTC and the broader market. A slump in demand for BTC could dilute the effects of the Bitcoin Halving event on supply and demand dynamics. Halved supply amidst a BTC sell-off could materially impact BTC. A slump in the value of BTC would affect the broader market.

Moreover, BTC-spot ETF market flow trends could reflect the effects of investor demand for safe-haven assets.

In the week ending April 12, the BTC-spot EFT market saw net outflows of $82.8 million. BTC-spot ETF market flow trends impacted buyer demand for BTC on Saturday.

However, the sell-off did not impact the Bitcoin Fear and Greed Index, which remained unchanged at 72 on Sunday. The Bitcoin Fear and Greed Index stayed in the Greed zone despite BTC extending its losing streak to three sessions.

Bitcoin Fear and Greed Index remains Greedy.
BTC Fear and Greed Index 140424

Bitcoin Halving Countdown Clock

With supply and demand dynamics in focus, the Bitcoin Halving event loomed large. The Bitcoin Halving Countdown Clock wound down to five days and thirteen hours (April 19).

Less than 6 days until the Bitcoin halving event.
Bitcoin Halving Event Countdown 140324

Technical Analysis

Bitcoin Analysis

BTC sat below the 50-day EMA while holding above the 200-day EMA. The EMAs sent bearish near-term but bullish longer-term price signals.

A BTC break above the 50-day EMA would support a move toward the $69,000 resistance level. A return to the $69,000 handle would bring the March 14 ATH of $73,808 into play.

On Sunday, news updates from the Middle East need consideration.

Conversely, a BTC drop below the $64,000 support level would give the bears a run at the $60,365 support level.

With a 14-Daily RSI reading of 41.89, BTC may fall to the $60,365 support level before entering oversold territory.

BTC Daily Chart sends bearish near-term price signals.
BTCUSD Daily Chart 140424

Ethereum Analysis

ETH remained below the 50-day EMA while holding above the 200-day EMA. The EMAs affirmed the bearish near-term but bullish longer-term price signals.

An ETH breakout from the $3,033 resistance level would support a move to the $3,244 resistance level and the 50-day EMA. A break above the 50-day EMA would give the bulls a run at the $3,835 resistance level.

Conversely, an ETH fall through the $2,850 handle would give the bears a run at the 200-day EMA and the $2,664 support level.

The 14-period Daily RSI reading of 35.35 indicates an ETH drop below the $2,800 handle before entering oversold territory.

ETH Daily Chart sends bearish near-term price signals.
ETHUSD Daily Chart 140424

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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