Analysis: Bitcoin Defies Market Pressure Amid Middle East Conflict and Stock Market Weakness, Holding Firm Around $70,000

Odaily News According to reports, 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 remaining negative since early March—indicating rising bearish sentiment—the price of Bitcoin has not shown a significant correction. Meanwhile, the Wall Street volatility index, 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 essentially flat, the S&P 500 is down about 1%, gold is down about 3%, and silver has fallen nearly 9%. Additionally, 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 such as the Dow Jones Industrial Average generally declined, 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 reason supporting price stability. (CoinDesk)