Apr 15 2024: Bitcoin price rebounded on Monday, recovering from steep losses experienced over the weekend. The recovery was attributed to a variety of factors, including an Iranian strike against Israel that dampened risk appetite and boosted the dollar to five-month highs.
After sliding to as low as $61,000 over the weekend, the world’s largest cryptocurrency rose by 1.6% in the past 24 hours to reach $65,439.5.
Bitcoin faced pressure due to heightened geopolitical tensions stemming from the Iran-Israel conflict. Traders sought refuge in safe-haven assets like the dollar and gold, causing the dollar to surge and Bitcoin to experience downward pressure.
However, Bitcoin found relief as signs emerged that the conflict might not escalate further, with indications that Iran had concluded its strike against Israel and Israeli ministers considering no immediate retaliation.
Alongside Bitcoin’s recovery, other major cryptocurrencies also saw gains on Monday after a weekend slump. Ethereum rose by 3.7% to $3,187.78, Solana increased by 7%, and XRP added 3%.
Despite the rebound, the crypto market remained cautious due to expectations of higher U.S. interest rates following hot inflation data and hawkish signals from the Federal Reserve last week. Traders adjusted their expectations, leading to uncertainty about the future trajectory of cryptocurrencies.
The capital flows into crypto, especially Bitcoin, had surged earlier in the year after the approval of spot Bitcoin exchange-traded funds in the U.S. However, these flows slowed down in recent weeks, contributing to the market’s uncertainty.
Bitcoin’s price has fluctuated between $60,000 and $70,000 for about a month after reaching record highs above $73,000 in early March.
