Bitcoin falls by 1 million yen, with selling pressure due to reports of an attack on Iran's nuclear facilities | Virtual NISHI

*This report is an article contributed to CoinPost by the virtual analyst NISHI (@Nishi8maru) from X-Bank.

Cryptocurrency Market Report (6/13 AM 11:00)

The virtual currency Bitcoin (BTC) temporarily plummeted around 9 AM JST on June 13, following reports that Israel attacked Iran’s nuclear facilities. Due to the rising geopolitical risks, there was a strong movement among investors seeking to assess the situation, resulting in a decline of approximately 1 million yen compared to the previous 24 hours.

However, Bitcoin has shown a tendency to rebound after temporarily falling during periods of heightened geopolitical tensions in the past. It is possible that a similar development may occur this time.

News Platform: CoinPost Terminal

Market situation from June 12 to 13

Looking at the derivatives market, it is in an oversold situation. While it is necessary to watch the progress of the war, active OI has almost disappeared, making it difficult for a chain of selling led by the derivatives market to occur. Furthermore, the funding rate indicates a favorable situation for longs.

Analyzing the trend of market orders, although there are more sell orders in both the spot market and the derivatives market, stronger selling pressure is observed in the derivatives market.

### Current Situation Analysis (6/13 AM 11:00)

Looking back at past examples, Bitcoin has shown a certain degree of resilience to geopolitical risks. For instance, there are the missile launches by North Korea over Japan in 2017, the tensions between the U.S. and Iran in 2019, Russia’s invasion of Ukraine in 2022, and Israel’s military actions in the Gaza Strip in 2023. In many of these situations, Bitcoin has rebounded after a temporary decline.

Looking at the current derivatives market, it is inferred that due to being at an oversold level, the environment is conducive to a price rebound driven by short covering (buying back of short positions) depending on the situation.

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Important dates ahead

• June 13 Consumer Confidence Index
• June 17th U.S. Retail Sales
• June 17th, US FOMC

You can find the list of market reports published in the past here.

Contributor: Virtual NISHI Virtual NISHIX-Bank Crypto Analyst. Involved in the production of BTC Status Alert and as a planner and supervisor of DECOCHART, also engaged in providing investment-related information necessary for the Japanese industry.