Bitcoin holds $70,000 despite Middle East tensions… “Upside potential could expand”

Bitcoin (BTC) is being seen as delivering resilient performance relative to other assets, holding the $70,000 level despite geopolitical uncertainty.

According to CoinDesk, a cryptocurrency-focused outlet, on the 20th (Korea time) André Dragosch, head of research at Bitwise Europe, said that “Bitcoin is currently at the intersection of opposing macro forces,” adding that “an environment in which economic activity and inflation expectations rise at the same time is supportive for Bitcoin.”

He explained that “Bitcoin is relatively less sensitive to interest rates, so it has not been materially affected even as Treasury yields have risen recently,” and that “as a result, it has managed to defend its price amid the Middle East conflict compared with traditional assets such as gold and equities.”

Dragosch also projected that Bitcoin’s upside potential could grow if financial conditions improve going forward. He said, “Bitcoin has already priced in a significant portion of tightening concerns,” adding that it is “substantially undervalued.”