Middle East tensions also hit Bitcoin: This is the first time it has increased so much!

The price of Bitcoin fell to a four-month low following the tensions in the Middle East, while its market dominance increased by 51% for the first time.

Tuesday, October 10, 2023 was an important day for Bitcoin, with its price dropping below $28K amid rising tensions in the Middle East. This decline was evident in on-chain data analysis and marked a four-month low for the cryptocurrency. Despite this decline, Bitcoin managed to maintain the $27,500 support level.

The Glassnode chart revealed a decline in new Bitcoin addresses, of which only 367,874 were created on Oct. 8. This trend suggests that investors may turn to traditional safe-haven assets due to global macro events.

For the first time, it exceeded 51 percent!
However, despite bearish market sentiment and the potential for further price declines, domestic crypto investors have shown growing confidence in Bitcoin. In addition, market dominance (BTC. D) exceeded 51 percent for the first time since July 12. This increase was largely attributed to economic uncertainty stemming from the ongoing Middle East crisis.

Global Coin In/Outflow (GIOM) charts have indicated that the critical $25K support level for BTC could strengthen if the bearish trend continues. These charts also highlighted that 1.57 million addresses purchased 794,850 BTC at a minimum price of $26,600, indicating resistance to further price drops.

It was stated that it is important to overcome the resistance of $29,000 in order for the BTC price to reach $30,000. GIOM charts showed that around 3.7 million existing addresses purchased 1.77 million BTC at an average price of $29,020. If market fear, uncertainty, and doubt (FUD) increases further, this could trigger a bearish trend in the price of Bitcoin.

In conclusion, even though Bitcoin's price has been affected by rising tensions in the Middle East and global macro events, it still maintains a strong position in the cryptocurrency market. The increase in market dominance and resistance to further price declines indicate investor confidence in the face of economic uncertainty.

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