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On July 18, Rezaei, an advisor to Irans Supreme Leader, stated that if the United States continues its attacks in the next two to three days, Iran will abandon its previous strategy of deterrence and reciprocal retaliation, shifting to a phase of "full-scale offensive and destruction," and may directly strike US military bases and personnel abroad. He claimed that Irans previous restraint was to avoid spillover of regional conflict, but the USs "miscalculation" could escalate the situation. Rezaei also called on Kuwait, Jordan, Qatar, the UAE, and other regional countries and governments to stop the US and Israel from expanding their operations, stating that the USs strategy of "simultaneous war and negotiation" has failed, and Iran will intensify its counterattacks in the coming days.July 18th - Crude oil futures recorded double-digit gains this week as the US expanded its military strikes against Iranian targets and Iran launched attacks on neighboring Gulf states. Another factor exacerbating concerns about escalating tensions is the possibility that Yemens Houthi rebels may take action to block shipping over the Red Sea; Saudi Arabia has been diverting its crude oil exports via the Red Sea while the Strait of Hormuz remains closed. Barclays analyst Amarpreet Singh stated in a report: "With inventories at near-record lows and most strategic petroleum reserve releases completed, the renewed escalation of tensions around the red line of the Strait poses significant upside risks to energy prices. As things stand, we believe the oil market is still too complacent about the potential impact on inventories."July 18th - According to the Wall Street Journal, sources revealed that SpaceX (SPCX.O) is in talks with the U.S. Department of Defense, hoping to provide the agency with billions of dollars worth of computing power to run artificial intelligence models, further strengthening the partnership between Musks company and the Department of Defense. These negotiations are ongoing but could ultimately fall apart. According to people familiar with the plans, SpaceX has signed similar agreements with Anthropic and Google in recent months and is currently planning a significant expansion of its cloud computing business. Sources also revealed that in recent weeks, SpaceX employees have discussed plans to offer computing power to AI customers at lower prices, thus competing more directly with existing vendors such as CoreWeave.Irans Supreme Leaders advisor, Rezaei, stated that if the US attacks continue for several days, Iran will enter a phase of full-scale offensive operations.SpaceX (SPCX.O) quickly narrowed its losses to 2.6%, after previously falling by more than 6%.

Bitcoin Slices Through Key Technical Price Level, Where is the Bottom?

Jimmy Khan

Jun 14, 2022 11:59

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Bitcoin prices have dropped below a critical support level that has previously functioned as the bottom of prior bear markets. In prior market cycles, the 200-week moving average has been a significant level of support for long-term Bitcoin price fluctuations.


During the Tuesday morning Asian trading session, BTC prices fell through this critical barrier, falling to slightly over $21,000. According to Tradingview, the 200-week moving average was around the $22,000 price level, but it has failed to hold, with prices now lingering at $21,883.


Josh Rager, a trader and analyst, saw the change and tweeted "help us all" on June 14.


"Structural macro flows are so against us, it likely only matters when the risk-tides change," Chris Burniske, a partner at Placeholder VC, said of the ramifications of breaking through such a strong level of support: "Could be entering pretty new bear territory for crypto shortly here." The battle on the marketplace is far greater than we are."

Unprecedented Fear

Bitcoin is presently down 69 percent from its all-time high in November, and prior bear markets have had declines of more than 80%, so there might be more agony ahead. If history repeats itself with this crypto winter, BTC might fall to about $13,000.


This cycle looks to be unique in comparison to prior ones. With soaring inflation and a cost-of-living crisis, the whole world is in economic distress. Few people have the financial means to invest in anything, and fear and skepticism are at all-time highs.


"Realize how little this crypto dump has to do with Celsius and the stETH issue and everything to do with the overall panic in risk assets (equities and crypto alike) and broken charts," analyst Alex Krüger said, confirming the idea that there was widespread concern.


Because the patterns and signs have not been followed to this time, a lot of conventional technical analysis (TA) has been made ineffective.


But it's not only bitcoin that's been pounded; equities in general have been hammered as well.

Where Does Bitcoin's Bottom Lie?

With TA in a FUBAR condition, predicting the moves of crypto markets over the next several months has become difficult. Nonetheless, it's reasonable to assume that the bears aren't done yet.


For the first time since January 2021, the overall market capitalization has dropped 70% to below $1 trillion, making the previous peak of $830 billion in January 2018 appear not so far away.

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