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Bitcoin Tests Support as Altcoins Follow Suit Amid Middle East Tensions

Guavy AI Editorial Team
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Crypto prices are moderating on Thursday, with Bitcoin (BTC) dropping to test its near-term $78,000 support. Altcoins, including Ethereum (ETH) and Ripple (XRP), are echoing Bitcoin's cautious sentiment, with ETH retracing to approximately $2,470 and XRP to $1.38.

According to Yusuf Fakhro, Partner at ARP Digital, 'a market that digests a violent move rather than reversing it is a market that has genuinely repriced.'

The conflict in the Middle East is also affecting investor sentiment, with Iran-backed Houthi expanding attacks on Saudi Arabia's energy infrastructure and shipping vessels in the Red Sea.

Investors are closely monitoring the upcoming United States (US) Consumer Price Index (CPI) report on Friday and the Federal Reserve (Fed) monetary policy decision on Wednesday.

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