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Bitcoin (BTC) is experiencing a bearish trend, driven by intensifying geopolitical tensions. Israel’s invasion of Lebanon and Iran’s retaliatory missile strikes have contributed to uncertainty in global markets. As a result, Bitcoin closed 4% lower, finding support at the $60,000 mark. Analysts, including Justin Bennett, predict further declines, with Bennett forecasting a drop to $57,000.
Geopolitical Crisis Shakes #Bitcoin: Israeli-Iranian Conflict Could Push $BTC to 55khttps://t.co/vsSx2NiOLu
— Crypto News Flash (@CryptoNewsFlas3) October 5, 2024
This $57,000 level is seen as critical for maintaining a positive sentiment toward the cryptocurrency. Additionally, data from QCP suggests Bitcoin may fall to $55,000 if the conflict escalates. The recent selloff highlights the sensitivity of crypto markets compared to traditional assets. Despite this, there remains a cautiously optimistic sentiment about the market. Bitcoin’s price will remain bearish as long as it stays below $62,000.
Key Bitcoin Levels To Watch – October 6
The BTCUSD chart shows a rejection at the $64000 resistance level, marked by a descending trendline. Price is trading below the 9-day moving average, indicating continued bearish pressure.
A potential retracement towards the $59500 support level is visible, with further downside possible if it breaks. The RSI is neutral but leaning bearish, supporting the downward movement toward $56500.
BTCUSD Key Levels
Resistance Levels: $66550, $70000, $73840
Support Levels: $59530, $56500, $49050
BTC/USD Metrics
Total Market Capitalization: $2.16T
Bitcoin Market Capitalization: $1.22T
Bitcoin Volume: $16.29B
Market Rank: #1
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