Analysis: Bitcoin Rallies Against the Trend and Stabilizes Near $70,000 Amid Middle East Tensions and Stock Market Pressure

Odaily Planet Daily reports that despite the escalation of the Iran conflict and pressure on global stock markets, Bitcoin prices remain around $70,000, demonstrating strong resilience. Although market sentiment remains pessimistic, with the Crypto Fear & Greed Index staying in the “Extreme Fear” zone recently, and the perpetual Bitcoin contract annual funding rate staying negative since early March, indicating increasing bearish sentiment, Bitcoin prices have not experienced a significant pullback. Meanwhile, the CBOE Volatility Index (VIX) rose to 25 this week, the highest level in over a year. Since the escalation of Middle East conflicts on February 28, Bitcoin has gained approximately 7%, outperforming most major assets: the Nasdaq-100 Index is roughly flat, the S&P 500 has fallen about 1%, gold has declined about 3%, and silver nearly 9%. Additionally, BlackRock’s spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), rose about 1% during Wednesday’s U.S. stock trading hours, while major indices like the Dow Jones Industrial Average generally declined, highlighting Bitcoin’s relative resilience in turbulent market conditions. Analysts believe that large traders and institutions continue to absorb Bitcoin through over-the-counter trading, which may be a key factor supporting its stable price. (CoinDesk)