Crypto Daily – Middle Eastern tensions heightened considerably on Tuesday as Iran fired a barrage of missiles into Israel, following the Israeli incursion into Lebanon. Markets fell on the news, and Bitcoin crashed to $60,200 before recovering.
The pair crashed $3,800 on Tuesday as the conflict in the Middle East moved into a higher gear. With Israel and the United States promising retaliation, the price dump across all markets may not be finished yet.
$BTC falls out of ascending channel
The 4-hour chart above shows how $BTC had dipped out of the ascending channel. The price was on its way back up until the news of the Iranian missile attack came out. At this point, $BTC fell heavily, and was eventually held up by the 200 simple moving average (SMA).
This level also happened to be the target for the measured move out of the channel, and the price was able to bounce from there. Currently, $BTC is back above the strong support at $61,400, which it has…
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