Why Was Bitcoin Rejected at $82K? 3 Reasons Behind the Sunday Pullback

The tension in the Middle East is on the rise once again on several fronts.

Despite the overall macro calamity experienced last week, bitcoin’s price surged from $75,000 to almost $82,000 within days, hitting its highest level since the start of the month.

However, the breakout attempt was halted at $82,000 due to more worrisome news from the Middle East. There’s also a technical aspect that helped prevent another leg up.

New Escalation

Numerous reports online suggested on Sunday that the United States had warned that hostilities between Saudi Arabia and Iran-backed Houthis have escalated, with some even suggesting that the latter’s capital was under drone and ballistic missile attacks. BBC added that even some energy sites on the country’s Red Sea coast were targeted.

Saudi authorities reported that they intercepted and destroyed a ballistic missile fired at Riyadh on Saturday evening, claiming that there were no casualties and no new attacks.

“Iranian-supported Houthis have engaged in hostilities against Saudi Arabia, including civilian airports. This military conflict has the potential to escalate rapidly,” said the US State Department. The statement also warned Americans to “seriously reconsider travel to and through the region.”