FxPro Analyst: The easing of the Beirut tension has weakened investors' demand for safe-haven assets such as Bitcoin
FxPro's chief market analyst, Alex Kuptsikevich, mentioned that the recent deep correction of Bitcoin could be attributed to other factors. The easing geopolitical tensions between Lebanon and Israel have weakened investors' demand for safe-haven assets like Bitcoin.
In addition, Matt Mena, a crypto research strategist at 21Shares, said that such corrections have also occurred at previous highs of Bitcoin. He explained: "In March this year when Bitcoin was hovering around its historical high of $69,000 in 2021, a similar pattern had emerged.
Bitcoin hovered around this price for nearly seven days before finally breaking through... When the price approached this level, many participants from the previous cycle began to take profits because they anticipated a possible correction."
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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