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Affected by the rapid development of the geopolitical situation in the Middle East, the price of Bitcoin failed to maintain its upward momentum and fell rapidly after hitting the strong resistance level of $68,000. The digital currency market experienced a new round of decline.
Bitcoin price drops:
Bitcoin recorded gains in early trading, reaching its highest level in five days at $68,400, but this rise did not last long as it fell by about $2,000 in a short period of time due to selling pressure and is currently below the $67,000 level.
The currency made several unsuccessful attempts to break above the $72,000 level last week, which strengthened the sellers’ grip.
The pullback started on Wednesday, causing the price to fall to $69,000, and on Friday saw even greater losses, falling to $65,600, and the market returned to a state of extreme fear.
Bitcoin continued to fluctuate at the start of the week, falling below $65,000 to hit a new monthly low before rebounding to $68,000 before falling again as pressure escalated.
The developments coincide with conflicting reports about the U.S. stance on war in the region, as some sources suggest that even continued closure of the Strait of Hormuz could end the conflict, while other reports speak of continued pressure from regional countries to attack Iran.
Alternative currency prices generally fell:
Altcoins have not been immune to this decline, with most losing between 2% and 3% in the past 24 hours.
Despite the slight decline, Ethereum remains above $2,000.
BNB, on the other hand, fell below $610 after losing around 2%.
As for XRP, it is one of the most affected digital currencies. It fell 3.4% and approached the important support level of $1.30. The weekly decline exceeded 7%, causing the market value gap between it and BNB to continue to widen.
Coins such as SOL, ADA, XLM and RAIN also recorded significant declines, while HYPE and HBAR fell more than 5% on the day.
On the other hand, Bitcoin Cash and ZEC are the few currencies with limited gains.
According to data from “CoinGecko”, overall, the total market value of digital currencies lost more than $30 billion in one day, falling to approximately $2.38 trillion.
Also read:
Crypto markets await a decisive week: Powell’s speech and jobs report top of mind
Bitcoin price rebounds from monthly lows, Ethereum returns to $2,000 levels
