The Bitcoin price has dropped 2% in the past 24 hours, slipping to around $62640, as the conflict between the United States and Iran intensified overnight
Iran’s Islamic Revolutionary Guard Corps (IRGC) said that it launched missiles and drones that are targeting the US military bases in Bahrain, Kuwait, and Jordan.
According to the IRGC, the strike had already been carried out in revenge for recent US attacks on Iranian coastal military facilities.
The IRGC also said that it attacked the fuel storage sites and the ammunition at Jordan’s Prince Hassan Air Base.
Before Iran’s latest attacks, the US military had attacked Iranian targets, saying the action was meant to respond to Iran’s recent activities at the Strait of Hormuz. The US Central Command also said the vital shipping route is not under Iran’s control but an international waterway.
Iran said that the Strait of Hormuz belongs to its territory and gave a warning to the US against further military operations in the area.
US President Donald Trump also commented on the conflict, saying that the US responded with heavy airstrikes, claiming that Iran was a deadly threat. According to Trump, Iran went against a deal they had made previously, but went ahead with a drone attack on a ship.
Trump said the US responded with heavy airstrikes, describing Iran as a serious threat. The conflict has brought fears of disorders to oil exports from the Middle East.
Analysts say Bitcoin could be volatile in the coming days as traders closely monitor developments in the Middle East.
Bitcoin Bears Regain Control Below Key Resistance
Bitcoin price indicates renewed bearish pressure after failing to hold above the $63,000 resistance area. The BTCUSD pair is currently trading at around $62,700, down about 1.7%, with sellers pushing the price lower.
There is a rejection near the 20-day EMA around $63,000 indicates that short-term momentum remains weak.
After briefly recovering from the channel’s lower boundary, BTC was unable to sustain the rally and has started to turn lower again.
The chart indicates a price move inside a falling channel, signalling a downside continuation. However, unless buyers push the price above the falling channel.
If bears continue on the downside, the price could reach the immediate support at $57,700, which previously acted as a demand zone.
A daily close below this level could increase selling pressure and open the door for a move toward the $52,000-$50,000 region.
On the upside, Bitcoin must break above the $63,000 level, which could push the price to a new high before targeting the $80,000-$82,000 supply zone. However, the major resistance remains around $95,000-$98,000.
