BTC resilient amid Mideast tension, downtrend may be ending: K33

Bitcoin is showing resilience despite geopolitical tensions in the Middle East and macroeconomic uncertainty, and its recent downtrend may be coming to an end, according to a new report from K33 Research. The report notes that BTC is in an oversold state after six consecutive weeks of decline, with its weekly Relative Strength Index (RSI) approaching all-time lows. It also highlighted that spot Bitcoin ETFs recorded their largest inflows in five months last week, confirming institutional buying. Additionally, funding rates in the perpetual futures market turned negative at the end of last month, suggesting a lower probability of further price drops, while on-chain data indicates that selling pressure from long-term investors holding BTC for over six months is easing. K33 Research concluded that there is no compelling reason to sell BTC at its current price levels, suggesting that the present environment of lower volatility and reduced impact from macro shocks could present a favorable opportunity for long-term accumulation.