FxPro analyst: The easing of tensions between Israel and Lebanon has weakened investor demand for safe-haven assets such as bitcoin
2024-11-27 11:23:17
Alex Kuptsikevich, Chief Market Analyst at FxPro, mentioned that the recent deep pullback in Bitcoin could be attributed to other factors. The easing of geopolitical tensions between Lebanon and Israel has weakened investor demand for safe-haven assets such as Bitcoin. In addition, Matt Mena, Crypto Research Strategist at 21Shares, said that this kind of pullback behavior has also occurred at the previous highs of Bitcoin, explaining: "A similar pattern was seen in March this year when Bitcoin was hovering around the all-time high of $69,000 in 2021. Bitcoin hovered at that level for nearly seven days before finally breaking through.... As the price approached this level, many participants in the previous cycle started taking profits as they anticipated a possible pullback."
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