Bitcoin (BTC) To Slip As Israel Kills Hezbollah Leader?

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As a seasoned analyst with over two decades of experience in global financial markets, I’ve seen my fair share of geopolitical tensions escalating and impacting market trends. The recent developments between Israel and Hezbollah have certainly caught my attention, and it seems that Bitcoin is not immune to the ripples these events create.

As a crypto investor, I’ve noticed that the recent claim by Israeli military of killing Hezbollah leader Hassan Nasrallah has sent ripples through global markets, escalating geopolitical tensions. This uncertainty seems to have affected Bitcoin‘s price, which has dipped approximately 1% in the last few hours, bringing it down to around $65.6K. This downturn raises concerns about potential further retracement and a possible drop towards lower support levels.

Israel Kills Hezbollah Secretary General Hassan Nasrallah

At the United Nations, Israeli Prime Minister Benjamin Netanyahu defended Israel’s military actions in Gaza and Lebanon against criticism. Shortly after Netanyahu dismissed the idea of a ceasefire, on September 28th, the Israeli Defense Forces declared they had supposedly eliminated Hezbollah leader Hassan Nasrallah during an air raid in Beirut.

We searched up “dismantled” on the internet, this is the picture that came up:

— Israel Defense Forces (@IDF) September 28, 2024

The Israeli Defense Forces (IDF) announced on X that sirens were heard once more in the northern part of Israel, following the assassination of a Hezbollah leader and several other commanders. This includes Ali Karki, the head of Hezbollah’s Southern Front. The IDF also stated, “We will continue to act against Hezbollah until all our civilians are safely able to return home.

Stock markets are closed, but Bitcoin price action saw a slight downward move on Saturday. Market participants are expecting a massive bullishness in October, but geopolitical risks can spoil the mood.

According to Reuters, Ayatollah Ali Khamenei, the supreme leader of Iran, has been transferred to a protected site. This action was taken following Israel’s announcement that they had allegedly eliminated Hezbollah leader Hassan Nasrallah in an attack.

Bitcoin Price Action Today

The price of Bitcoin dipped a bit following Israel’s announcement of the death of a Hezbollah leader, but its long-term trajectory and overall enthusiasm continue to be positive. Moreover, the Crypto Fear & Greed Index has shown an improvement in sentiment, moving from 61 (greed) to 64 (even greater greed), today.

The recent PCE inflation figures seem to suggest a potential 0.5 percentage point reduction in interest rates by the U.S. Federal Reserve. According to the CME FedWatch tool, the likelihood of this rate cut has risen from 49.37% to 53.3%, following the release of the most recent inflation data, thereby bolstering optimism within financial markets.

This week saw an increase in investments into Bitcoin ETFs surpassing $1 billion, with an impressive $495 million poured in on Friday alone. Additionally, it was revealed that BlackRock bought 198,874 shares of IBIT for their Global Allocation Fund.

Bitcoin (BTC) To Slip As Israel Kills Hezbollah Leader?

As a researcher studying the volatile world of cryptocurrency, I’ve observed that geopolitical pressures could potentially impact Bitcoin’s price action. If this were to occur, we might see a drop in value, possibly reaching the 0.382 Fibonacci retracement level, which is approximately $65,033. Interestingly, at present, it appears that Bitcoin is rebounding from a support level around $65,500.

Right now, Bitcoin’s price is at approximately $65,752. Its lowest and highest points within the past 24 hours were $65,346 and $66,480 respectively. Furthermore, there has been a 33% decrease in trading volume over the same period, suggesting lessened enthusiasm among traders.

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2024-09-28 14:38