Bitcoin's price has been under pressure as the ongoing US-Iran war continues to escalate. The conflict in the Middle East has led to a decline in risk-on sentiment, prompting investors to seek safe-haven assets such as Gold and Silver.
According to QCP Capital's analyst, the crypto market appeared well-positioned for a volatile weekend, given the warning signs throughout last week. However, traders should remain cautious as tensions and uncertainty continue to build.
Institutional demand for Bitcoin has increased, with spot Bitcoin ETFs recording inflows of $787.31 million last week. This could lead to a recovery in the upcoming weeks if these inflows continue and intensify.