Cryptocurrency
Bitcoin Increases 5% After Geopolitical Risk
Bulls Come Out in Full Force Bitcoin jumped 5% following the news of the US calling in an airstrike to kill Iranian General Qasem Soleimani. After the attack was successfully carried out, Bitcoin and oil prices sharply increased. Now speculators are wondering if the Bitcoin price is being influenced by geopolitical uncertainty. Daily On the […]
Bulls Come Out in Full Force
Bitcoin jumped 5% following the news of the US calling in an airstrike to kill Iranian General Qasem Soleimani. After the attack was successfully carried out, Bitcoin and oil prices sharply increased. Now speculators are wondering if the Bitcoin price is being influenced by geopolitical uncertainty.
Daily
On the daily chart above, Bitcoin has now experienced a price flip to a green 1 on the sequential indicator. Additionally, the RSI on the daily chart has formed a bullish divergence by creating three higher lows.
Funding and Premium Index
The BitMEX funding and premium index has served as a reliable counter-indicator for previous market cycles. Throughout our recent consolidation at $6.9k-$7.2, the funding and premium index has been calling for bullish price action the whole way. Keep in mind these oscillators can remain overextended for significant periods of time.
Longs
As you can see from the chart above, Bitcoin long positions have increased by 80% in the last month. This increase continues as price action remains stagnate. The BitMEX funding and premium index, as well as the increase in long positions adds confidence to the bullish thesis.
Conclusion
While technicals were calling for a larger dip yesterday, political instability has led to a 5% price increase today. Current resistance remains at $7.5k with critical support at $7.1k.