Park Sang-hyeok, editor-in-chief of Digital Asset, analyzed why Bitcoin maintains support at $60,000 despite escalating US-Iran tensions. Park explained during a SamproTV appearance on the 11th that risk asset prices rebounded after US President Donald Trump indicated airstrikes would conclude soon. According to Grayscale's on-chain data analysis, Bitcoin has entered a historically undervalued zone with the $60,000 level serving as a technical floor, while the proportion of long-term investors holding Bitcoin for over six months surged to 60%, reducing retail selling pressure.
Institutional financial product expansion, including BlackRock's downside-protected Bitcoin covered call ETF application and CME's basket index futures launch including altcoins, also contributed positively to price support.
Grayscale Data Shows Bitcoin in Historically Undervalued Zone
Park stated that Grayscale's on-chain data analysis indicates Bitcoin has entered a historically undervalued zone. The $60,000 level is acting as a technical floor. The proportion of long-term investors holding Bitcoin for over six months rose sharply to 60%, reducing selling pressure from retail investors.
BlackRock Files Covered Call ETF Application and CME Launches Altcoin Futures
BlackRock, the world's largest asset manager, filed an application for a downside-protected Bitcoin covered call exchange-traded fund. CME launched basket index futures that include altcoins. Park noted these institutional financial product expansions are working positively for Bitcoin price support.
Trump Threatens Further Iran Action if No Deal by the 10th
Park cautioned that Trump indicated he would attack Iran again if negotiations are not completed by the 10th local time. Park warned that if Bitcoin prices fall below the $55,000 supply zone from $60,000, the price could technically drop to $40,000, requiring close attention to Bitcoin price movements based on macroeconomic variables.
FAQ
What did Park Sang-hyeok say about Bitcoin's $60,000 support level?
Park Sang-hyeok stated on SamproTV on the 11th that Bitcoin maintains support at $60,000 despite US-Iran tensions because Grayscale data shows Bitcoin in a historically undervalued zone, long-term holders reached 60%, and institutional products like BlackRock's covered call ETF application and CME's altcoin futures launch are contributing positively.
Why did Bitcoin prices rebound despite geopolitical risks?
Bitcoin and other risk assets rebounded after US President Donald Trump stated that airstrikes against Iran would conclude soon, reducing immediate geopolitical risk concerns according to Park Sang-hyeok's analysis.
What price risk did Park Sang-hyeok warn about for Bitcoin?
Park warned that if Bitcoin falls below the $55,000 supply zone from $60,000, the price could technically drop to $40,000, especially if Trump follows through on his threat to attack Iran again if no deal is reached by the 10th local time.
