Bitcoin's price fluctuations have been amplified by the recent US-Iran conflict, with the cryptocurrency experiencing significant volatility on Monday. The escalating situation has sent oil prices soaring, with WTI crude adding over 5% to reach past $105 per barrel.
The Iran-US tension has also impacted Bitcoin's price, with traders and analysts closely watching key resistance levels in CME futures and the cryptocurrency's aggregate cost basis. According to onchain analytics platform CryptoQuant, short-term holders are approaching breakeven on their unrealized losses, while long-term holders remain relatively unaffected.
As the situation continues to unfold, analysts have identified potential support and resistance levels for Bitcoin's price. The semi-filled gap in CME Group's futures market has been pinpointed as a key hurdle for buyers to overcome, while the aggregate cost basis of short-term holders offers another important level for traders to consider.