Crypto Market Pressured by Renewed US-Iran Tensions
- Market Capitalization Decline: According to CoinGecko, the total cryptocurrency market capitalization fell approximately 4% over the past 24 hours to around $2.48 trillion, reflecting heightened investor aversion to risk assets, which may lead to further market volatility.
- Bitcoin and Ethereum Drop: Bitcoin's price dropped from the $76,000 region to below $73,000, marking a five-week low, while Ethereum fell below $2,000, indicating the vulnerability of major crypto assets amid rising macro uncertainty, potentially impacting investor confidence.
- Increased ETF Outflows: U.S. spot Bitcoin ETFs recorded approximately $733 million in net outflows on Wednesday, the largest single-day withdrawal since February, demonstrating that institutional investors are continuing to rotate capital away from crypto products during market volatility, which may tighten liquidity further.
- Military Tensions Affect Sentiment: Renewed military tensions between the U.S. and Iran have led to rising oil prices, with WTI crude futures climbing 2.6% to trade above $91 per barrel, exacerbating market fears of prolonged inflation, thereby affecting sentiment in the crypto market.
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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 3 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 | 66965.557 | 69739.023 | 72653.067 | 75426.533 | 78340.577 | 81114.043 | 84028.087 |
| Fibonacci | 69739.023 | 71911.652 | 73253.905 | 75426.533 | 77599.162 | 78941.415 | 81114.043 |
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