Bitcoin (BTC) To Slip As Israel Kills Hezbollah Leader?

Israeli military on Saturday claims it has killed Hezbollah leader Hassan Nasrallah in an airstrike, raising geopolitical tensions in the global markets. Bitcoin price has slipped nearly 1% to $65.6K in the last few hours, risking further retracement to low support levels.

Israel Kills Hezbollah Secretary General Hassan Nasrallah

Israel’s Prime Minister Benjamin Netanyahu rejected criticism of Israel’s war in Gaza and against Hezbollah in Lebanon at the United Nations recently. Within just 24 hours of Netanyahu’s denial to cease fire, Israel Defense Forces (IDF) on September 28 claimed it killed Hezbollah leader Hassan Nasrallah in the Bierut airstrikes.

We searched up “dismantled” on the internet, this is the picture that came up: pic.twitter.com/C5p3jmhwIZ

— Israel Defense Forces (@IDF) September 28, 2024

IDF posted on X about sirens sounding in northern Israel again after killing Hezbollah leader, together with Ali Karki, the Commander of Hezbollah’s Southern Front, and additional Hezbollah commanders. “We will keep operating against Hezbollah until all of our civilians can safely return home,” added IDF.

Stock markets are closed, but Bitcoin price action saw a slight downward move on Saturday. Market participants are expecting a massive bullishness in October, but geopolitical risks can spoil the mood.

Reuters reported that Iran’s Supreme Leader Ayatollah Ali Khamenei is moved to a secure location. The move comes after Israel announced that it had killed Hezbollah chief Hassan Nasrallah in a strike.

Bitcoin Price Action Today

Bitcoin slipped slightly after Israel claimed killing Hezbollah leader, but the overall trend and sentiment remain bullish. Crypto Fear & Greed Index indicated sentiment improved from 61 (greed) to 64 (greed) today.

The PCE inflation data also hinted at another 50 bps rate cut by the US Federal Reserve. CME FedWatch tool shows an increase in probability for 50 bps from 49.3.7% to 53.3%after the latest inflation data, supporting further bullishness in markets.

Spot Bitcoin ETFs inflow climbed over $1 billion this week, with a staggering $495 million inflow on Friday. Moreover, BlackRock has purchased 198,874 shares of IBIT for its Global Allocation Fund.

If Bitcoin price action succumbs to geopolitical pressure, it can drop to $65,033, a 0.382 Fib retracement level. Currently, it’s bouncing from $65,500 support level.

BTC price currently trades at 65,752, with a 24-hour low and high of $65,346 and $66,480, respectively. Trading volume has also dropped by 33% in the last 24 hours, indicating a decline in interest among traders.

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Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.