Report: Bitcoin behaves like a hybrid asset during the Middle East conflict.

After cryptocurrencies hit an 11-week high, David Morrison of Trade Nation stated in a report that Bitcoin is increasingly behaving like a hybrid asset amidst the Iran conflict. He said that Bitcoin attracts inflows of funds during periods of easing tensions, but also acts as a hedge tool during times of geopolitical uncertainty. US President Trump announced on Tuesday the extension of the ceasefire agreement with Iran. However, the Wall Street Journal reported on Wednesday that three ships were attacked in the Strait of Hormuz. Despite this, data from the London Stock Exchange Group shows that Bitcoin remains at a high point, rising over 4% to reach a peak of $79,153. Morrison said, "Technically, $80,000 is the next important resistance level, and the daily MACD indicator suggests mild upward momentum."