$1 Billion Liquidated as Bitcoin Price Falls Below $100,000 Amid US-Iran Tensions
Bitcoin’s price has fallen over 4%, dropping below $100,000 amid geopolitical tensions stemming from US-Iran confrontations. A significant number of liquidations occurred, totaling over $1 billion. Analysts suggest that if Bitcoin can hold its support between $100,000 and $102,000, a slight recovery might be possible, but risks remain high due to weak momentum and concerns about further declines.
In a dramatic turn of events, the cryptocurrency market has taken a significant hit in the last 24 hours, with Bitcoin’s price tumbling over 4%. This sudden drop has pushed Bitcoin below the $100,000 mark for the first time in several weeks. The catalyst? None other than the alarming announcement from former US President Donald Trump regarding airstrikes on three nuclear facilities in Iran, heralded as a ‘successful’ operation that obliterated the sites.
As if that wasn’t enough, Iran quickly responded by threatening to shut down the Strait of Hormuz—a vital passage for global oil transportation. This increase in geopolitical tensions sent shockwaves throughout financial markets, including the cryptocurrency sector, leading to a wave of panic selling that ultimately caused a significant volume of liquidations.
In fact, over $1.02 billion in positions were liquidated in the crypto market in just one day. Bitcoin experienced the brunt of this sell-off, but it wasn’t alone. Key altcoins, such as Ethereum and Solana, also fell through crucial support levels, sparking concerns about further declines.
So, what does the future hold for Bitcoin? Analysts suggest that Bitcoin is currently hovering around a crucial support zone between $100,000 and $102,000. If it can remain above this threshold, there’s a chance for a temporary recovery or some sideways movement. Conversely, should Bitcoin slip below this range, the next support level may lie between $96,000 and $97,000. At this moment, it appears that BTC is already teetering on those precarious levels.
Adding to the concern, there are signs of weakening momentum on larger timeframes. Various technical indicators are pointing towards a potential prolonged correction period or an extended sideways consolidation phase for Bitcoin over the upcoming weeks or months.
In the short term, while a few minor recoveries might be possible, experts largely think that the chances of a strong bullish breakthrough are slim—especially in light of both prevailing technical weaknesses and the ongoing risks on the global geopolitical landscape.
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