Bitcoin Remains Calm Amid Larak Strike, Oil Prices Soar
The Larak strike on Iranian launchers has not caused an immediate panic in the Bitcoin market, with prices remaining near $78,000. This is despite oil prices jumping above $90 per barrel after the US forces struck Iranian targets. The lack of a rush to sell Bitcoin suggests that traders are treating this escalation as a limited event.
The 50-period simple moving average at $78,460 is acting as resistance for Bitcoin, and a four-hour close above it would be the first step towards a recovery. However, momentum remains weak, with the Relative Strength Index (RSI) below its moving average and the neutral 50 mark.
The market's reaction to this escalation is not surprising given that traders have seen repeated attacks without lasting change in energy supply or global financial conditions. The size of the oil move also matters, as Brent traded above $126 in April when concerns about a prolonged shortage were more severe.