Bitcoin drops as risk appetite take a hit
Risk assets took a tumble on reports a a senior US official has revealed that Iran may soon launch a ballistic missile attack against Israel. The US is helping Israel prepare its defenses, warning that such an attack would have serious consequences for Iran. This development comes after Israel escalated its military operations against Tehran-backed Hezbollah in southern Lebanon.
Along other risk assets, Bitcoin fell and broke a key short-term support level around $63,000. This level marked the most recent before BTC/USD bulls launched another attempt to push price above the 200-day average at $64,000 and resistance around $65,000. While Bitcoin breached this zone to briefly climb above $66,500, it couldn't hold onto those gains, falling back relatively sharply in the last two trading sessions. As a result, BTC has now broken its short-term bullish trend line.
If BTC now stays below the broken 63K support level, this could potentially lead to further follow-up technical selling towards the next key support around $60,000.
By Fawad Razaqzada, market analyst with FOREX.com
Along other risk assets, Bitcoin fell and broke a key short-term support level around $63,000. This level marked the most recent before BTC/USD bulls launched another attempt to push price above the 200-day average at $64,000 and resistance around $65,000. While Bitcoin breached this zone to briefly climb above $66,500, it couldn't hold onto those gains, falling back relatively sharply in the last two trading sessions. As a result, BTC has now broken its short-term bullish trend line.
If BTC now stays below the broken 63K support level, this could potentially lead to further follow-up technical selling towards the next key support around $60,000.
By Fawad Razaqzada, market analyst with FOREX.com
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