Bitcoin Price Volatility Continues Amid Geopolitical Tensions

The prolonged uncertainty surrounding the Strait of Hormuz has pushed the Bitcoin price below $83,000, but historical data suggests that the market may be setting up for a recovery.

Bitcoin's futures contracts have seen their longest negative funding streak in nearly a decade, with 67 consecutive days of negative rates. According to K33 Research, this setup often precedes a significant rally in Bitcoin's price.

The current situation is reminiscent of past events, such as the COVID-19 pandemic and the FTX collapse, where prolonged negative funding rates were followed by a substantial increase in the cryptocurrency's price.