In this video: an update to the Bitcoin bear market resistance band. Video by Benjamin Cowen.
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Bitcoin is trading near $63,980, reflecting a slight 24-hour decline. Prices experienced intraday volatility, dipping below $63,500 as investors weighed unfolding U.S.-Iran geopolitical friction against progress in diplomatic negotiations and anticipated U.S. inflation data.
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Insights Today
-Geopolitical Friction: Bitcoin experienced sharp volatility over the weekend following news regarding the temporary closure of the Strait of Hormuz. Ongoing uncertainty around U.S.–Iran peace roadmap negotiations continues to weigh heavily on investor risk appetite.
-Macroeconomic Watch: Investors are keeping a close eye on upcoming macroeconomic data, specifically Thursday's Core PCE inflation report, which serves as the Federal Reserve's preferred gauge for interest rate trajectories.
-ETF Outflows & Institutional Flow: Recent downward pressure has been exacerbated by persistent spot Bitcoin ETF outflows, including $32.7 million in net outflows from BlackRock's IBIT. This signals a temporary cooling of immediate institutional demand.
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