The Israel-Palestinian War Shakes The Price Of Bitcoin Cs

The crypto market was shaken by the Hamas-Israel war. (Photo; Doc. BiznisInfo)

JAKARTA - Bitcoin and the cryptocurrency market as a whole face selling pressure due to geopolitical uncertainty and tensions rising as a result of the latest war between Israel and Palestine. The liquidation of long-term contract positions or futures reached more than $100 million (approximately IDR 1.5 trillion), and the cryptocurrency market fell by about 2%.

However, Bitcoin has shown better resilience compared to other crypto tokens. The price ranges from around USD 27.675 (IDR 434 million) with limited volatility, and market capitalization of USD 539 billion (IDR 8.4 quadrillion).

Analysts at FxPro say that Bitcoin remains in a rising trend, despite the resistance to an average 200-day movement. They observed BTCUSD price movements to see if Bitcoin was consolidated above $28,000, which could bring up to $29,500.

However, in short-term technical charts, Bitcoin has penetrated d under its symmetric triangular pattern (symmetric triangular palttern), and subsequent support is at US$26,200. In addition, Ethereum (Ether), the second-largest cryptocurrency, has decreased by about 3% as the Ethereum Foundation made sales of ETH worth US$2.7 million (equivalent to Rp42 billion). This raises concerns among crypto traders, and its impact is seen in the ETH futures market, where Ether's bulls suffered losses exceeding 30 million US dollars (Rp470 billion) on Monday.

Bitcoin's market share in the wider cryptocurrency market has surpassed 50%, despite selling pressures hitting the market. Over the same period, Bitcoin experienced a relatively smaller decline compared to Ether, which fell by about 18% since June. Over the past year, the price ratio and volume of ETH/BTC have tended to decline, and Ether has performed poorly in the broad market.

Despite the current challenging market conditions, Bitcoin retains its position as a leading crypto asset and still shows strong growth so far this year, with a value increase of 66%. On the other hand, Ether recorded an increase of about 32%.

This difference is even more striking after Ethereum underwent a network change called The Merge in September 2022, which sparked uncertainty in the market. Bitcoin's increased performance in bearish market conditions further strengthens its dominance in the crypto world.