Bitcoin (BTC), which is the digital currency, dropped from $76,000 to $68,000 during early Asian hours of Monday due to renewed tensions between Iran and the United States.
Takeaways
- Bitcoin drops to $76,500, as the bearish trend becomes more closely tied to geopolitical events.
- Over 607 million dollars in long-term positions were liquidated over the last 24 hour.
- Bitcoin traders believe that the support level of $76,000 is important to prevent a BTC drop below $65,000.
Bitcoin drops 7% to its lowest level in three weeks
TradingView’s data shows that BTC has dropped to $76,500 in three weeks, which is a drop of 7%. All gains from May 1 have been erased.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Just days later, the losses have increased. BTC/USD reached 13-week highs around $83,000It is also boosted strong inflows into Exchange-traded fund (ETF) – spot optimism surrounding the US CLARITY Act.
Related: BTC price ‘bull trap’ at $76.5K? Five things to know in Bitcoin this week
Donald Trump, the US president, did not appear on Sunday. issued Fresh threats have been made against Iran in relation to the delays of the peace accord, warning the “clock is ticking.”
Source: TruthSocial/Donald J. Trump
“Trump confirms the clock is ticking for Iran. The US is allegedly preparing for a potential new military operation against Iran,” Analyst CryptoRover said Additions to a X Monday Post
“This is extremely dangerous for $BTC.”
Bitcoin long-liquidations accounted for $607 millions in the past 24 hours. BTC liquidations amounted to $190million.
This brings the total of liquidation across the entire crypto market for the last 24 hour to $677,000,000.
Source: CoinGlass Total liquidation of crypto across exchanges. Source: CoinGlass
WTI oil rose over 3% within hours, to $104 per barrel before settling at $101.
WTI Crude Oil One-Hour Chart CFDs. Source: Cointelegraph/TradingView
“WTI surged above $103 as Trump publicly lost patience with stalled peace talks and a waiver for Russian crude sales expired, adding to supply fears around the still-disrupted Strait of Hormuz,” Capital.com is a trading resource that allows you to trade your resources. said Additions to a “Monday X” post:
“Higher oil means hotter future inflation, reinforcing higher-for-longer Fed expectations and lifting both the dollar and yields — a tough combination.”
Bitcoin traders are saying bears “back in the driver’s seat”
Bitcoin traders had been looking at the technical set-up to see where it might go.
CryptoJelleNL Analyst said The reason for this was a divergence to the downside from the relative index, as the BTC/USD hit resistance around $82,000. “pullback we’re in right now,” adding:
“Bears getting back in the driver’s seat?”
BTC/USD Daily Chart. Source: X/CryptoJelleNL
MN Capital founder Michael van de Poppe said The immediate $76,000 support should be enough to hold the situation. “prevent a market-wide crash.”
A chart that accompanied the article showed the other levels of support to be on the lookout for if the area was lost. These included the demand zone between $71,000 and $73,000, as well as the local minimum at $65,000.
BTC/USD chart. Source: X/Michael van de Poppe
As shown in the chart, the local low of $65,000 is the same as the target for an inverted-V pattern. It represents a drop of 16% from current prices.
BTC/USD Daily Chart Source: Cointelegraph/TradingView
The BTC/USD pairs experienced a sharp correction with the same magnitude in April 2025 after the 200 day moving averages rejected it.
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Source: cointelegraph.com
