Analysis: Bitcoin Defies Market Pressure Amid Middle East Conflict and Stock Market Weakness, Stabilizing Near $70,000

Odaily News According to Odaily, against the backdrop of escalating conflict in Iran and global stock market pressure, the price of Bitcoin has remained around $70,000, demonstrating strong resilience. Despite continued pessimism in the crypto market sentiment, with the Crypto Fear & Greed Index persistently in the "Extreme Fear" zone recently and Bitcoin perpetual contract annualized funding rates staying negative since early March, indicating rising bearish sentiment, the Bitcoin price has not shown a significant correction. Meanwhile, the CBOE Volatility Index (VIX) rose to 25 this week, its highest level in over a year. Since the escalation of the Middle East conflict on February 28, Bitcoin has accumulated a gain of approximately 7%, outperforming most major assets: the Nasdaq-100 Index is largely flat, the S&P 500 is down about 1%, gold has fallen about 3%, and silver has dropped nearly 9%. Furthermore, BlackRock's spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), rose about 1% during Wednesday's U.S. stock trading session, while major stock indices like the Dow Jones Industrial Average generally trended lower, highlighting Bitcoin's relative resilience in turbulent market conditions. Analysis suggests that large traders and institutions continuously absorbing Bitcoin through over-the-counter (OTC) trading may be a key factor supporting price stability. (CoinDesk)