Analysis: The cryptocurrency market may have absorbed the negative impact of the Israel-Iran conflict

ChainCatcher news, according to Cointelegraph, despite the escalating conflict between Israel and Iran, the cryptocurrency market sentiment index "Fear and Greed Index" remains in the "Greed" range. The index showed a score of 60 in Sunday’s update, maintaining in the "Greed" area, while Bitcoin fell by 2.8% on Friday to $103,000. This drop occurred after explosions were reported in Tehran at 22:50 UTC on Thursday, following Israel's claim of responsibility for the attacks. Iran reportedly retaliated on Friday evening with "dozens of ballistic missiles." On Thursday, the index's "Greed" score was 71.

Despite the tense geopolitical situation, market participants still pointed out that Bitcoin has shown relative resilience. Crypto analyst Za stated in a post on Saturday: "Bitcoin currently seems indifferent to the conflict between Israel and Iran (at least for now)." He added, "There is no better market sentiment indicator than Bitcoin, which I find very noteworthy." Crypto entrepreneur Anthony Pompliano mentioned in a post that day: "Bitcoin is tireless."

Traders seem confident that Bitcoin can maintain above the psychological level of $100,000. This price has been reclaimed for the first time since May 8. If it falls below this level, it could lead to over $1.74 billion in long positions facing liquidation risks.