Trump's War Decision Could Send Bitcoin Soaring or Plummeting
The technical setup of Bitcoin's price is unfolding against a volatile macro backdrop. The cryptocurrency is trading just below $78,000, and analysts are divided on what happens next. According to a Wall Street Journal report, President Trump is considering formally declaring the Iran war over.
If this happens, oil prices could drop, risk appetite would return, and the Federal Reserve would get breathing room to cut rates. This scenario could send Bitcoin's price 'parabolic', according to an analyst.
Oil prices are already showing signs of uncertainty, with Brent crude slipping to $95.20 a barrel and US WTI crude easing to $90.77. The oil market is up roughly 7% for the week and 57% for the year, contributing to pressure across global bond markets.
The next few days may be crucial in determining Bitcoin's direction, as traders wait for a resolution to the conflict between the US and Iran.