to leave a comment.
▲ Virtual Asset/ChatGPT Generated Image
While the virtual asset market shows mixed trends due to geopolitical tensions surrounding the Strait of Hormuz and conflicting technical indicators, Bitcoin (BTC) is exploring new price paths by breaking through key resistance levels.
According to a Benzinga report on April 24 (local time), major assets such as Bitcoin, Ethereum (ETH), XRP, and Dogecoin (DOGE) are reacting sensitively to uncertainties stemming from the Middle East. The threat of Iran blocking the Strait of Hormuz, coupled with US President Donald Trump's ceasefire extension efforts, has led to sharply divided risk appetite in the market. While inflation concerns due to surging oil prices limit asset price upside, attempts at technical rebounds continue.
Virtual asset analysts are noting Bitcoin's successful recapture of the $78,000 level. Rekt Capital diagnosed that Bitcoin continues to struggle at the $78,900 resistance level, near the 21-week Exponential Moving Average (EMA). The analyst assessed that if Bitcoin stably holds this range, it has entered a bullish market gateway, potentially reaching $86,000, $90,000, and long-term targets of up to $130,000.
Conversely, the altcoin market is showing mixed trends amidst Bitcoin's dominance. Ethereum is maintaining the $2,300 level, following Bitcoin's trajectory, but explosive upward momentum is suppressed due to investors' preference for safe-haven assets driven by geopolitical risks. XRP is consolidating around $1.42, and Dogecoin is searching for direction, blocked by the resistance line of a parallel channel.
Tensions in the Strait of Hormuz are exerting direct pressure not only on virtual assets but also on traditional financial markets. Concerns over crude oil supply chain disruptions have pushed Brent crude prices above $100 per barrel, increasing macroeconomic volatility. Despite Trump's diplomatic efforts, Iran's hardline stance persists, causing the market's Fear & Greed Index to drop to 21, indicating "Extreme Fear."
Investors are identifying the actual passage of ships through the Strait of Hormuz over the weekend and Bitcoin's ability to hold the $78,000 level as key variables. Analysis suggests that a full-fledged rally will only be possible if technical breakout signals are confirmed by on-chain capital inflows and supply/demand for spot Bitcoin ETFs. The market is watching whether geopolitical crises will resolve, allowing virtual assets to regain their momentum as risk assets.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
Newsletter
Get key news delivered to your email every morning
to leave a comment.