Bitcoin Price Approaches Key Support Zone Amid Geopolitical Tensions
- Market Reaction: Trump's address from the White House indicated ongoing U.S. military action in the Middle East, causing Bitcoin to drop over 2% and hover near $66,500, close to the critical support zone of $65,000, where a sustained break could trigger further downside risks.
- Oil Price Recovery: Renewed concerns over supply disruptions in the Strait of Hormuz led oil prices to climb back above $100 per barrel, reflecting a reassessment of geopolitical risks that further impacted the performance of risk assets, including Bitcoin.
- Geopolitical Tensions: While Trump emphasized that U.S. military objectives are nearing completion, he acknowledged ongoing diplomatic discussions, with Iran calling for a permanent ceasefire and U.S. troop withdrawal, creating a cautious market outlook amid this complex situation.
- Future Outlook: Trump suggested that disruptions to global energy flows may not last indefinitely, predicting that the Strait will reopen post-conflict and oil prices will decline, potentially providing support for risk assets like Bitcoin, although markets remain sensitive to news in the interim.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 0 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 57589.852 | 61294.926 | 64615.942 | 68321.016 | 71642.032 | 75347.106 | 78668.122 |
| Fibonacci | 61294.926 | 63978.892 | 65637.05 | 68321.016 | 71004.982 | 72663.14 | 75347.106 |
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