FxPro Analyst: The easing of tensions in Lebanon has weakened investors' demand for safe-haven assets like Bitcoin

2024-11-27 19:28:32

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ChainCatcher news, FxPro Chief Market Analyst Alex Kuptsikevich mentioned that the recent deep pullback in Bitcoin may be attributed to other factors, as the easing of geopolitical tensions between Lebanon and Israel has weakened investors' demand for safe-haven assets like Bitcoin.

Additionally, 21Shares' crypto research strategist Matt Mena stated that such pullback behavior has also occurred at previous Bitcoin highs. He explained, "In March of this year, when Bitcoin hovered around the historical high of $69,000 from 2021, a similar pattern emerged.

Bitcoin lingered at that price level for nearly seven days before finally breaking through… When the price approached this level, many participants from the previous cycle began to take profits, as they anticipated a potential pullback."

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