en.bitcoinsistemi.com
While the US-Iran conflict continues to put pressure on global markets, Bitcoin ($BTC) and the cryptocurrency market are proving more resilient.
Although Bitcoin and altcoins fell when the conflicts began, they later recovered. In fact, today Bitcoin experienced a sudden rebound, rising above $71,000.
At this point, crypto analysis platform K33 Research stated that despite ongoing tensions in the Middle East and macroeconomic uncertainty, $BTC has shown resilience and the downtrend in the market may be coming to an end.
In a new report, K33 Research analysts stated that $BTC is oversold after six consecutive weeks of decline, with the weekly RSI indicator approaching all-time lows.
The report also highlighted that spot Bitcoin ETFs recorded their largest inflows in five months last week, confirming institutional buying.
Additionally, funding rates in the perpetual futures market turned negative at the end of last month, suggesting a reduced likelihood of further price declines.
On-chain data indicates that selling pressure from long-term investors who have held $BTC for more than six months has decreased.
Based on this data, K33 Research concluded that there is no compelling reason to sell $BTC at current price levels and that the downtrend may be ending. Finally, analysts suggested that low volatility and a decrease in the impact of macroeconomic shocks could present a favorable opportunity for long-term accumulation.
*This is not investment advice.