Trump's Iran pledge underpins crypto gains as bitcoin bears face liquidation pressure
In this news:
Key takeaways
- Bitcoin found buying support near its 50-day moving average.
- Broader equity markets showed signs of recovery from earlier drawdowns.
- Brent crude slid below $103 a barrel following political remarks on Iran.
“This moving average is often regarded as an indicator of the medium-term trend. It has performed this function admirably since July, when the price consolidated above it, and then the 50-day moving average acted as support in August. Yesterday’s dip provided further confirmation of buying interest during pullbacks,” he added.
Meanwhile, broader markets showed signs of recovery from drawdowns earlier in the week.
S&P 500 index futures rose less than 0.5% and Nasdaq 100 contracts gained nearly 1% amid reports that OpenAI expects to reach $70 billion in annualized revenue by year-end.
Brent crude slid below $103 a barrel on Trump’s Iran remarks, a day after hitting a two-week high, taking some heat off the inflation fears that pushed Fed minutes toward another interest-rate increase.
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