Bitcoin price remains above $60.000 despite unrest in Middle East

Bitcoin holds firm. Despite renewed military tensions in the Middle East, the price is still hovering well above $60.000. Analyst Michaël van de Poppe states that there is no reason to panic for now, as long as the correction remains relatively limited.

Bitcoin is available at OKX and Bybit.

Van de Poppe sees $61.000 as crucial level

At the time of writing, Bitcoin is trading at $62K, a decline of 1.4% in the past 24 hours. Despite this slight correction, Michaël van de Poppe is not concerned. The analyst points to the resilience of the market as geopolitical tensions in the Middle East flare up again.

For Van de Poppe, $61.000 is the key level to watch. As long as Bitcoin remains above that point, he sees no reason for a further downward move. The chart shows that the price is in a zone where support was previously found, and that the price appears to be forming a higher low relative to the recent low around $58.115.

Shallow correction as a positive sign

What Van de Poppe notices is how shallow the current correction is. Markets typically react more sharply to escalating conflicts, but Bitcoin is showing a relatively stable picture. According to him, this points to a healthy market structure, with buyers quickly stepping in at lower levels.

On the daily chart, it is visible that Bitcoin is moving along the moving averages, which are currently acting as resistance towards the $67.000 to $68.000 zone. A return above that zone could usher in the next upward move. As long as that is not the case, the market remains in a waiting phase, but the analyst indicates that he will only really sound the alarm if Bitcoin drops below $61.000.