Bitcoin's price has declined in light of recent geopolitical events, specifically Iran's missile strike on Israel and its consequences for the cryptocurrency market.
Impact of Geopolitical Events on the Market
Bitcoin's price dropped by 2.2% to $105,100 in the last 24 hours. This decrease was a result of conflicts in the Middle East, including the launch of over 100 missiles by Iran towards Israel. The market reacted sharply with a decline in investor interest.
Technical Analysis of Bitcoin
Bitcoin faced a strong rejection at $111,990, limiting its recent rallies. The subsequent retraction tested the support level at $105,000, where selling volumes intensified. A decisive break below this level may lead to revisiting the intraday low of $102,800 or even $98,000. A positive turn is possible if prices reclaim $108,400, which may allow for a retry at the $112K barrier.
Overall Market Sentiment
As of now, Bitcoin is trading at $105,194.09 with a 24-hour trading volume that surged by 44.14% to $73.76 billion. The market capitalization has declined to $2.09 trillion, with a cap ratio of 3.48%. Sentiments are quickly deteriorating, reflected by a sharp drop in the Crypto Fear & Greed Index from 61 to 54 in a single day, alongside significant liquidation of long positions since June 12.
The escalation of conflicts in the region has had a significant impact on the cryptocurrency market, affecting both Bitcoin prices and overall investor sentiment. This current situation highlights the interconnection between cryptocurrencies and global events.
