Iran was hit overnight by several explosions, including in multiple cities such as Tehran. While speculation suggests this might have been a retaliatory attack, I’ll avoid conjecture. Financial markets responded negatively, with traditional markets seeing slight declines before closing. Gold and the USD registered modest gains, while cryptocurrency fell the most in response to the Middle Eastern escalation.
Yesterday, I highlighted that the coming days would be critical for Bitcoin and the broader crypto market's direction. Unfortunately, the ongoing Middle Eastern escalation has acted as a catalyst, driving Bitcoin well below key support levels and erasing its recent gains from two days ago.
Bitcoin is currently down 3% over the past 24 hours, reaching a low of 3.5% and trading at $65.5k at one point. Altcoins fared worse, with major tokens like SUI, SOL, and FTM each falling 7% or more. Despite this pullback, the overall structure remains bullish as long as Bitcoin stays above $60k, so there’s no need for panic.
This situation underscores the importance of holding a majority of your portfolio in Bitcoin, especially given both crypto and geopolitical uncertainties. Assets that perform well one week can easily underperform the next. As mentioned previously, my advice remains: maintain a solid Bitcoin position, buy the dip, and stay patient. Large pullbacks are common in bull markets and present buying opportunities.
If you feel underexposed or worry about missing out, now is a good time to bolster your Bitcoin position before the rally picks up again. You’re still early, and if you have long-term confidence in the crypto space, this is an ideal time to enter. Contact your Stormrake Crypto Broker to seize these golden opportunities.
Stormrake Spotlight: GOAT ($0.6929)
Stormrake Spotlight: GOAT ($0.6929)
Interestingly, GOAT has outperformed the rest of the market over the past 24 hours, trading independently from the broader downtrend and even gaining 4%. Despite the crypto market’s decline due to geopolitical tensions, GOAT’s resilience suggests strong demand, positioning it as a leading memecoin in this bull run. However, given its speculative nature, proceed with caution and allocate wisely.
This is a highly speculative memecoin, so proceed with extreme caution and allocate accordingly.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin has broken below the $66.8k support level due to the Middle Eastern conflict, flipping short-term momentum bearish. It seems that each time Bitcoin nears $70k, a new hurdle arises, pushing it back. However, Bitcoin’s long-term outlook remains bullish. In the short term, the bears are in control, with the next key support at $63.8k.
BTC Total ETF Flows for 25 Oct: $ + 41.8 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum continues to underperform against Bitcoin, with ETH/BTC at its lowest since April 2021 and likely to keep falling. ETH/USD remains bearish, breaking below all middle CPR support lines and on course to retest support at $2,256.
ETH Total ETF Flows for 25 Oct: $ - 19.2 million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
To receive the Morning Note in your inbox. Subscribe here: https://stormrake.substack.com/
Written by Alexandar Artis
Create a brokerage account today
No Advice Warning
The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.
Stormrake is not a financial adviser and does not provide financial product advice. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances. Stormrake is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by this newsletter.
Disclaimer
All statements made in this newsletter are made in good faith and we believe they are accurate and reliable. Stormrake does not give any warranty as to the accuracy, reliability or completeness of information that is contained here, except insofar as any liability under statute cannot be excluded. Stormrake, its directors, employees and their representatives do not accept any liability for any error or omission in this newsletter or for any resulting loss or damage suffered by the recipient or any other person. Unless otherwise specified, copyright of information provided in this newsletter is owned by Stormrake. You may not alter or modify this information in any way, including the removal of this copyright notice.Copyright © 2024 Stormrake Pty Ltd, All rights reserved
