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Bitcoin Price Dives as War Escalation Sparks Market Sell-Off
Bitcoin price initiated a stark descent, breaking below the critical $103,000 threshold as global tensions heightened, leading to a broader market sell-off. Currently, Bitcoin is struggling to muster strength for a rebound and remains shaky above the $100,000 mark.
As the conflict escalates, investors are rapidly pulling back from riskier assets, including cryptocurrencies, causing Bitcoin to tumble. After plummeting below several key support levels, Bitcoin tested the $98,250 zone, marking a significant drop. Despite a minor recovery attempt above the 23.6% Fibonacci retracement level from a recent high swing of $106,470 to a low of $98,277, selling pressure persists below $101,200.
The cryptocurrency is trading beneath $102,000 and the 100-hourly simple moving average, signaling a bearish outlook in the short term. Moreover, a critical bearish trend line with resistance near $101,250 is evident in the hourly charts, hinting that further recovery might be tough.
Looking upwards, immediate resistance lingers near $101,250. Should Bitcoin manage to surpass this, the next significant resistance is around $102,500, aligning with the 50% Fibonacci retracement level. Surpassing this could potentially drive the price towards the $103,500 mark and, if momentum sustains, even up to the $105,000 resistance zone.
Conversely, if Bitcoin fails to overcome the $102,000 resistance, another downturn might be imminent. Immediate support is situated near $100,150, with more substantial support near $98,500. If declines extend, the next critical support zone rests near $96,500, and a dip below this level could push Bitcoin towards the near-term support at $95,500. Below this, the main support holds at $95,000, which if breached, could significantly undermine buyer confidence.
Technical Indicators:
– Hourly MACD – Currently, the MACD is losing momentum in the bearish zone.
– Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now trailing below the 50 level, indicating bearish pressure.
Investors and traders should keep a close watch on geopolitical developments and market sentiments, as these factors continue to influence Bitcoin’s price dynamics significantly.
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