Israeli military reportedly claimed to have conducted an airstrike that resulted in the death of Hezbollah leader Hassan Nasrallah, intensifying global geopolitical tensions. In response, Bitcoin experienced a slight decline of nearly 1% to $65.6K, prompting concerns of further downward movement towards critical support levels.
According to the Israeli Prime Minister Benjamin Netanyahu, Israel faced criticism over its military actions in Gaza and against Hezbollah at the United Nations. Despite international pressure to cease fire, Israel Defense Forces (IDF) asserted that they successfully eliminated Nasrallah in the Bierut airstrikes within a day of Netanyahu’s defiance.
Following the strike, IDF indicated ongoing operations against Hezbollah until Israeli civilians can safely return home. While stock markets were closed, Bitcoin prices dipped slightly amid speculation of a bullish October overshadowed by potential geopolitical risks. Meanwhile, Iran’s Supreme Leader Ayatollah Ali Khamenei was reportedly relocated to a secure site following Israel’s announcement of Nasrallah’s demise.
Although Bitcoin’s price reacted to the news, the overall market sentiment remained positive. The Crypto Fear & Greed Index showed an improvement in sentiment from greed to a higher level of greed. Additionally, PCE inflation data signaled the possibility of a 50 bps rate cut by the US Federal Reserve, further supporting market optimism.
Bitcoin ETF inflows exceeded $1 billion during the week, with a significant $495 million injection on Friday alone. Notably, BlackRock acquired a substantial stake in IBIT for its Global Allocation Fund. Despite potential geopolitical pressures, Bitcoin’s price is currently hovering above the $65,500 support level and could face further retracement to $65,033, a crucial Fib level.
As of now, BTC is trading at $65,752, oscillating between $65,346 and $66,480 over the past 24 hours. Trading volume has decreased by 33%, indicating a waning interest among traders amidst the shifting landscape.