Global Crypto Market Plummets Amid Geopolitical Tensions
- Market Plunge: The global crypto market experienced a sharp decline on Thursday due to geopolitical and macroeconomic concerns, with Bitcoin (BTC) dropping nearly 5% to $70,600 from $74,000, indicating a waning investor appetite for risk assets.
- Impact on Traditional Finance: The crypto price crash not only affected digital assets but also rippled through traditional financial markets, with gold and silver falling 2.1% and 3.5%, respectively, erasing nearly $150 billion in combined market value and reflecting shaken investor confidence in safe-haven assets.
- Surge in Oil Prices: In stark contrast to the declines in cryptocurrencies and precious metals, Brent crude oil prices surged 3% to a new high of $112, indicating heightened market concerns over potential disruptions in energy production in the Middle East, which could tighten global energy supplies.
- Liquidation Cascade: Data from CoinGlass revealed that over $481 million in long positions were liquidated in the past 24 hours, with Bitcoin and Ethereum accounting for $143 million and $127 million in liquidations, respectively, highlighting the severe impact of falling prices on leveraged investors forced to close their positions.
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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 3 technical signals, shows that 2 indicators are flashing buy, while 1 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 | 58241.874 | 62801.267 | 66881.214 | 71440.607 | 75520.554 | 80079.947 | 84159.894 |
| Fibonacci | 62801.267 | 66101.495 | 68140.379 | 71440.607 | 74740.835 | 76779.719 | 80079.947 |
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