Iran had little or no effect on the Bitcoin price, which was already in a strong uptrend when the missiles hit. I'm long Bitcoin but I bought the breakout at 7523, two days ago. People like to pretend Bitcoin is the new 'safe haven asset - like gold - that people run to during scary political events. Hopefully one day it will be, but we're not there yet.
As you can see on my chart, when the missiles hit, Bitcoin and gold rose, while US stocks fell. But traders quickly decided this event wasn't as serious as they'd feared, so stocks quickly rallied while gold fell back to where it started before the attacks. BTC, meanwhile, held its gains, because they were unrelated to Iran, and were simply part of the existing uptrend.
In other words, it was just a coincidence that Bitcoin rose after the missile attacks.
Interesting argument.
Also, On-chain activity was leading the breakout anyway. And miner capitulation was over, which is often a good sign for prices.
Could still be a bull trap though !
Anyway, many seem to need those narratives to explain PA. Even when proved wrong (like the announcement from china in october... which was retraced in a few weeks).
GlenGoodman
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@Harry_Seldon, yes, macro and crypto news announcements tend to have very little effect on Bitcoin's price. Sometimes it seems there's a short-term reaction to something like the China announcement, but then when you look at the price movements on a larger scale, you realise the 'reaction to news' was probably just part of the existing series of price waves anyway!
Also, On-chain activity was leading the breakout anyway. And miner capitulation was over, which is often a good sign for prices.
Could still be a bull trap though !
Anyway, many seem to need those narratives to explain PA. Even when proved wrong (like the announcement from china in october... which was retraced in a few weeks).