The Israeli military claimed to have taken out Hezbollah leader Hassan Nasrallah in an airstrike, escalating geopolitical tensions that affected global markets. The Bitcoin price showed a minor decrease to $65.6K, with the risk of dropping further to lower support levels.
Under the headline “Israel Kills Hezbollah Secretary General Hassan Nasrallah,” Prime Minister Benjamin Netanyahu of Israel defended the country’s actions in Gaza and against Hezbollah at the United Nations. Just one day after Netanyahu’s refusal to stop the conflict, the Israel Defense Forces (IDF) announced the killing of Hassan Nasrallah in the Beirut airstrikes on September 28.
Following the incident, the IDF stated that the strikes also targeted Ali Karki, Hezbollah’s Southern Front Commander, and other Hezbollah commanders. The IDF vowed to continue operations against Hezbollah until all Israeli civilians could safely return home.
Despite the closure of stock markets, Bitcoin prices experienced a slight drop on Saturday. Investors are anticipating a strong bullish trend in October, but potential geopolitical risks could disrupt the optimistic mood.
According to reports by Reuters, Iran’s Supreme Leader Ayatollah Ali Khamenei was relocated to a secure place after Israel’s announcement regarding Nasrallah’s death.
Bitcoin’s price slightly declined after Israel’s claim of eliminating Hezbollah’s leader, but the overall sentiment remains positive. The Crypto Fear & Greed Index indicated an increase from 61 (greed) to 64 (greed) today.
Amidst this, the PCE inflation data hinted at a potential 50 bps rate cut by the US Federal Reserve. The CME FedWatch tool revealed an increased likelihood, from 49.3% to 53.3%, of a 50 bps cut post the latest inflation data, supporting a bullish market outlook.
Additionally, institutional investments in Spot Bitcoin ETFs surged over $1 billion this week, with a remarkable $495 million inflow registered on Friday. Notably, BlackRock acquired 198,874 shares of IBIT for its Global Allocation Fund.
In case of Bitcoin’s price being influenced by geopolitical factors, it could drop to $65,033, marking a 0.382 Fibonacci retracement level. Presently, Bitcoin is rebounding from the support level at $65,500.
Bitcoin is currently trading at $65,752, with a 24-hour low and high of $65,346 and $66,480, respectively. Trading volume has decreased by 33% over the last 24 hours, indicating reduced interest among traders.