Bitcoin price has experienced a drop, reaching $104,650, raising concerns among traders about further declines.
Current Situation of Bitcoin Price
Bitcoin has fallen 6.52% from its peak this year. Option traders have started buying put options actively amid this, indicating expectations for further declines. Data from Deribit shows that the put-to-call volume ratio rose to 2.17.
Financial Forecasts and Warnings
Investors are expressing caution due to the escalating crisis in the Middle East. Donald Trump, commenting on the situation, suggested the possibility of U.S. involvement in the conflict and targeting Iran's Supreme Leader. This could fuel inflation in the U.S. and globally.
Technical Analysis and Possible Support Levels
On the eight-hour chart, Bitcoin has formed a double-top pattern with a neckline at $100,300, which is often associated with bearish breakouts. BTC has also fallen below the 50-period Exponential Moving Average and is approaching the 23.6% Fibonacci retracement level. The key support level will be $100,300; a break below this level could open the door for a deeper decline toward $97,560.
The situation with Bitcoin price remains under pressure, and further declines are possible. Traders should closely monitor market signals and events that could impact the cryptocurrency market.
