Bitcoin acts as a safe haven asset and approaches $100,000

Bitcoin breaks records and defies global uncertainty, price hits new all-time highs driven by geopolitical crisis

The price of bitcoin (BTC) reached a new all-time high of $98,988, driven by the growing demand as a safe haven asset amid the tension between Russia and Ukraine. This 4.38% increase in its value puts bitcoin in a similar position to gold and the dollar. This reflects its growing acceptance as a safe haven in times of uncertainty.

Bitcoin soars on markets, nearing $100,000 threshold / TradingView

Bitcoin as a safe haven asset

On Thursday, bitcoin surpassed the $98,000 mark, placing itself close to the psychological milestone of $100,000. This increase in bitcoin (BTC) is largely due to its behavior as a safe haven asset amid the geopolitical instability arising from the conflict between Russia and Ukraine. Like gold and the dollar, which also experienced increases. Bitcoin left behind its traditional label of a risky asset.

Impact of US economic data

Despite the release of positive macroeconomic data in the United States, such as the drop in unemployment claims to 213,000, Bitcoin maintained its upward trend. This figure, lower than market expectations and the previous result of 219,000, failed to slow the momentum of the cryptocurrency. BTC opened the day at $94,286.56 before reaching its new high.

Technical analysis and trading volume

Technical analysis shows strong support above the 25, 50 and 200 EMAs, indicating a strong bullish trend. Since November 5, Bitcoin trading volume increased significantly, from 33,360 to 46,220 BTC on the Binance exchange, consolidating the growth trend.

Futures Market Moves and Bitcoin Outflows from Exchanges

Open interest in the Bitcoin futures market hit a record high of $64.07 trillion, reflecting increasing speculative activity. In addition, in the past 24 hours, 16,633.12 BTC were outflowed from major cryptocurrency exchanges according to Coinglass. This reduced the balance to 2.31 million BTC, evidencing investor confidence in the cryptocurrency.

Future Outlook

With Bitcoin breaking through the $72,000 resistance, now turned into support, and showing signs of overbought on the RSI at 77.09 points, analysts predict that it could continue its rise, potentially surpassing $110,000 in the medium term.

This phenomenon highlights the growing acceptance of Bitcoin as a safe asset in times of global uncertainty, a paradigm shift that reinforces its position in the global financial market.

Disclaimer: This information does not constitute financial advice and is provided for informational purposes only.