Bitcoin Price Dips Below $75,000 Amid Geopolitical Tensions

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 day ago

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Geopolitical Tensions: U.S. military strikes near the Strait of Hormuz and Iranian retaliation threats have driven oil prices higher, reviving inflation fears and reducing demand for risk assets like Bitcoin, negatively impacting its price performance.
Dark Pool Trade Impact: An unknown trader sold 29.2 million shares of BlackRock's Bitcoin ETF worth $1.289 billion via a dark pool, coinciding with Bitcoin's flash crash, with total ETF outflows reaching $333.6 million that day, significantly increasing market selling pressure.
China's New Regulatory Policies: China's Supreme People's Court is preparing new regulations for virtual currency and cross-border finance disputes, reinforcing the ongoing ban on crypto activities, which may further undermine investor confidence in the market.
Market Predictions Unfavorable: Analysts expect Bitcoin to trade between $70,000 and $78,000 in June, with a potential drop below the $74,000 support level leading to a further decline towards $70,000, prompting long-term holders to watch for capitulation volume spikes around the 70-72K range as a potential accumulation zone.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 4 indicators are flashing buy, while 3 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	67231.399	69871.944	72918.909	75559.454	78606.419	81246.964	84293.929
Fibonacci	69871.944	72044.573	73386.826	75559.454	77732.083	79074.336	81246.964

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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