Bitcoin Drops, Losses 7% as Israel-Iran Conflict Spooks Market: Back to $60,000?

Bitcoin, like most crypto assets yesterday, registered losses, extending losses from Monday. With the coin down, prices are now below the immediate local support level at around $62,000 and may fall to $60,000 in a bear trend continuation formation. Overall, the trend shift is evident and may allow sellers to double down, pushing the coin lower in a retracement. While there are concerns driven by the escalation in the Middle East, the path of least resistance remains northwards, at least looking at price action in the daily chart. The September bull bar will shape the short to medium-term price trajectory.

Presently, Bitcoin is clearly under pressure and struggling. It is down 4% in 24 hours, pushing weekly losses to around 3%. Notably clear is the spike in engagement, rising to over $50 billion in the previous trading day. The expansion means the sell-off is supported, and may spill over to today if there are no counters, preventing the dump.

Traders are monitoring the following trending Bitcoin news:

• Metaplanet, the public company in Japan, has added to its BTC stash, buying nearly $10 million worth of the coin yesterday.
• Despite concerns about the Israel and Iran escalation, rising global liquidity and the safe haven status of Bitcoin give it an edge. For this reason, the coin’s valuation could rise, even with the weak start of Q4 2024.

Bitcoin Price Analysis

BTC/USD is down at spot rates.

When writing, sellers are in control.

Looking at the candlestick arrangement in the daily chart, traders can consider shorts, targeting $60,000 and $56,500.

However, for this outlook to change, a reversal above $66,000 could signal trend continuation. In that case, there will be grounds for Bitcoin to retest $70,000.

Technically, as long as BTC is inside the September trade range, buyers stand a chance.