Crypto Market Declines Amid Iran Conflict Uncertainty
- Market Decline: The crypto market fell 2.5% on Friday, dropping to $2.45 trillion as hopes for an end to the U.S.-Iran conflict faded, leading to a decrease in investor risk appetite.
- Bitcoin and Ethereum Performance: Bitcoin's price dropped 2.5% to $69,445, failing to hold the psychological support at $70,000, while Ethereum fell 4.4% to $2,080, indicating market weakness.
- Long Position Liquidations: Over the past 24 hours, more than $193 million in long positions were liquidated in the crypto market, with Bitcoin accounting for $48.93 million and Ethereum for $75.93 million, exacerbating downward price pressure.
- Global Economic Impact: The closure of the Strait of Hormuz for the fourth consecutive day led to a rise in crude oil prices, with WTI futures increasing 3.3% above $93 per barrel, indicating a potential supply chain crisis that could heighten inflationary pressures and affect the Fed's rate decisions.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 2 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 | 57907.678 | 62634.169 | 66547.018 | 71273.509 | 75186.358 | 79912.849 | 83825.698 |
| Fibonacci | 62634.169 | 65934.397 | 67973.281 | 71273.509 | 74573.737 | 76612.621 | 79912.849 |
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