Crypto Market Crash: BTC Dips Below $73K Amid Geopolitical Tensions

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 4 days ago

ETH-2.374%

MAJOR-1.06%

BTC-2.83%

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Market Crash Catalyst: The crypto market is experiencing a significant downturn, with total market cap dropping 3.5% to approximately $2.45 trillion, primarily triggered by Iran's attack on a U.S. air base in Bahrain, escalating geopolitical tensions and increasing risk aversion.
Liquidation Impact: Over $200 million in crypto liquidations occurred within 24 hours, with Bitcoin alone seeing $298 million in liquidations, a staggering 165.5% increase from the previous period, which has amplified the downward pressure on prices.
Weak Institutional Demand: Bitcoin ETFs recorded $333 million in net redemptions on May 27, indicating that institutional investors are pulling out rather than buying the dip, which compounds selling pressure and tightens market liquidity.
Short-term Support Analysis: Bitcoin's immediate support is now around $70,000, and if geopolitical tensions worsen, it could test the $60,000 to $62,000 range in June, representing a potential drop of 15-18% from current levels.

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Technical Analysis for ETH

Technical Sentiment Analysis for Ethereum (ETH). As of , Ethereum (ETH) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 9 technical signals, shows that 5 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ETH 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, ETH 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 $-.

Ethereum (ETH) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	1756.921	1856.48	1950.831	2050.39	2144.741	2244.3	2338.651
Fibonacci	1856.48	1930.554	1976.317	2050.39	2124.464	2170.227	2244.3

About ETH

Ethereum is a decentralized open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralized smart contracts.Ethereum was first described in a 2013 whitepaper by Vitalik Buterin. Buterin, along with other co-founders, secured funding for the project in an online public crowd sale in the summer of 2014. The project team managed to raise $18.3 million in Bitcoin, and Ethereum’s price in the Initial Coin Offering (ICO) was $0.311, with over 60 million Ether sold. Taking Ethereum’s price now, this puts the return on investment (ROI) at an annualized rate of over 270%, essentially almost quadrupling your investment every year since the summer of 2014.The Ethereum Foundation officially launched the blockchain on July 30, 2015, under the prototype codenamed “Frontier.” Since then, there has been several network updates — “Constantinople” on Feb. 28, 2019, “Istanbul” on Dec. 8, 2019, “Muir Glacier” on Jan. 2, 2020, “Berlin” on April 14, 2021, and most recently on Aug. 5, 2021, the “London” hard fork.Ethereum’s own purported goal is to become a global platform for decentralized applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime and fraud.

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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