Bitcoin Defies Middle East Risks, Tracks Gold Instead
Bitcoin traded steadily around $78,000 as investors weighed Middle East geopolitical risks and awaited details on the U.S. Treasury Department's bond buyback program.
The price of Bitcoin remained relatively stable despite escalating military clashes between the U.S. and Iran that sent oil prices surging to over $101 per barrel for the first time since May.
However, what stands out is that Bitcoin moved in the opposite direction of risk assets like equities, instead tracking safe-haven assets such as gold and silver.
The taker buy-sell ratio shifted to neutral after showing bearish signals for two consecutive days, coinciding with Bitcoin recovering the $79,000 level. Total Bitcoin open interest remains below 700,000 contracts, indicating light positioning overall.