Bitcoin's Middle East Escalation: $82K Rejection Sparks Caution
Bitcoin's price surge from $75,000 to almost $82,000 was halted due to escalating tensions in the Middle East. The US State Department warned of a potential escalation between Saudi Arabia and Iran-backed Houthis, with some reports suggesting drone and ballistic missile attacks on energy sites.
Saudi authorities intercepted a ballistic missile fired at Riyadh on Saturday evening, claiming no casualties or new attacks. However, the warning from the US State Department stated that 'Iranian-supported Houthis have engaged in hostilities against Saudi Arabia, including civilian airports.' This military conflict has the potential to escalate rapidly.
The TD Sequential, a technical indicator, also flipped into a sell signal on Saturday evening as Bitcoin tapped $81,500. This suggests short-term momentum may be getting stretched, and some traders are watching for signs of profit-taking.