The cryptocurrency market experienced a significant downturn in the last 24 hours as Bitcoin's price slid below the $100,000 mark for the first time in weeks. This decline, exceeding 4%, was largely triggered by geopolitical developments, particularly following the announcement from former U.S. President Donald Trump regarding a bombing mission on three Iranian nuclear sites. The aftermath of this operation led to renewed threats from Iran concerning the potential closure of the Strait of Hormuz, a vital conduit for global oil shipping, exacerbating concerns in financial markets including cryptocurrencies.
In the wake of these events, a wave of panic selling ensued, leading to a staggering $1.02 billion in liquidations across various cryptocurrency assets. Bitcoin bore the brunt of these sell-offs, alongside altcoins such as Ethereum and Solana, which also saw their values drop significantly and break through key support levels.
Market analysts indicate that Bitcoin is currently testing crucial support in the $100,000 to $102,000 range. Should Bitcoin maintain its position above this level, there could be a chance for a temporary recovery. Conversely, should it drop below, potential support is anticipated around $96,000 to $97,000. As of now, Bitcoin has already fallen beneath this critical threshold. Technical indicators are displaying signs of weakening momentum in the larger context, suggesting a continuation of correctional patterns or long-term consolidation in the months ahead. While minor recoveries may occur, many experts feel that substantial upward movements are unlikely soon due to enduring geopolitical uncertainties and technical weaknesses.
In the wake of these events, a wave of panic selling ensued, leading to a staggering $1.02 billion in liquidations across various cryptocurrency assets. Bitcoin bore the brunt of these sell-offs, alongside altcoins such as Ethereum and Solana, which also saw their values drop significantly and break through key support levels.
Market analysts indicate that Bitcoin is currently testing crucial support in the $100,000 to $102,000 range. Should Bitcoin maintain its position above this level, there could be a chance for a temporary recovery. Conversely, should it drop below, potential support is anticipated around $96,000 to $97,000. As of now, Bitcoin has already fallen beneath this critical threshold. Technical indicators are displaying signs of weakening momentum in the larger context, suggesting a continuation of correctional patterns or long-term consolidation in the months ahead. While minor recoveries may occur, many experts feel that substantial upward movements are unlikely soon due to enduring geopolitical uncertainties and technical weaknesses.
