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Middle East Tensions Douse Bitcoin's October Rally Hopes, Short-Term Pullback Tests Bullish Resilience

Bitcoin Drops Below $61,000, 166,000 Liquidated: Middle East Conflict Escalates, Miner Profits ShrinkMarket data shows that in the past 24 hours, the number of liquidated positions across the cryptocurrency network has reached 166,000, with a total liquidation value of $558 million, marking a new high since August 5th. Bitcoin, after reaching a 2-month high of $66,500 on September 27th, has been fluctuating downward, experiencing a cumulative decline of approximately 7% in the past 3 trading days

According to a recent statement released by Zhao Changpeng (CZ), CEO of Coin Security, the price of Bitcoin may exceed its previous historical high of $61000 in 2024. However, there is a contradiction between recent macro events and BTC derivatives market data

According to the Zhitong Finance APP, Bitcoin has fallen for the fifth consecutive day, breaking below $27000 per coin for the first time since September last year. Traders say the Middle East conflict has affected investor sentiment

As tensions escalate in the Middle East, Bitcoin (BTC) prices fell from the resistance level of $28000 on Monday.As the global market began to react, the number of new Bitcoin addresses fell to a four month low on October 8th