After the opening of U.S. stocks on Thursday, Bitcoin (BTC) once fell to the key support level of $82,500 due to market concerns over military actions between the United States and Iran, which led to an increase in oil prices.
Key points:
- With new concerns regarding military actions between the United States and Iran emerging, Bitcoin returned to $81,000, for the first time since September 21st.
- A Federal Reserve official believes that there will be more interest rate hikes, and the yield on U.S. 30-year Treasury bonds has reached a new multi-decade high.
- The price trend of BTC is increasingly indicating that the important support level of $82,500 may be lost.
Due to reports of a possible new round of strikes between the United States and Iran, oil prices rose on that day. TradingView data shows that BTC / USD fell to $81,000 on the Bitstamp platform, reaching the lowest level since September 21st.
According to the four-hour chart of Cointelegraph / TradingView, the trend of BTC / USD is under pressure.
NBC News Citing a Pentagon official and an informed source, it is reported that the United States may be preparing for a new military strike against Iran. This news drove up oil prices on that day, with WTI crude oil rising to $93.20 per barrel, the highest level since October 2; Brent crude oil rose to $105.88.
According to the four-hour chart of the crude oil price difference contract from Cointelegraph / TradingView by WTI, oil price fluctuations have intensified.
U.S. President Donald Trump told supporters at a rally in San Antonio, Texas, that Special Envoy for Middle East Issues Steve Witekoff has made progress in pushing for a peace agreement with Iran, but he himself is not very interested in the diplomatic outcome.
The Independent quoted Trump as saying, "I don't think this agreement is what I really wanted to do, but they are willing to offer anything to stop it all." He also stated that the conflict would end "soon."
On that day, the yield on 30-year U.S. Treasury bonds rose to 5.73%, hitting a 24-year high, before falling back to 5.65%. The market remains concerned about the impact of war on fuel prices and inflation.
According to the daily chart of the 30-year U.S. Treasury yield shown by Cointelegraph / TradingView, yields first rose and then fell back.
Speech by Federal Reserve Board member Christopher Waller also put pressure on yields. At a forum held by the Central Bank of Turkey in Istanbul, he stated that he believes further interest rate hikes are needed to curb inflation.
"If economic data continues to perform as expected, I anticipate further interest rate hikes to support a more timely return of inflation to the 2% target. However, there is still some flexibility in the timing of these rate hikes," he said.
Raising interest rates does not necessarily have to be done at consecutive meetings, but it should be implemented within an acceptable time frame.
CoinGlass data shows that as of the time of publication, with Bitcoin falling below $82,000, the scale of long liquidations in the entire crypto market has expanded to approximately $430 million.
The price of Bitcoin is still waiting for a clear direction around the support level of $82,500. Previously, Cointelegraph reported that this support level is important because during Bitcoin's rebound from its multi-year low of near $57,000, there was a similarity in trend with the end of the bear market in 2022 at that position.
Trader and analyst Rekt Capital updated his analysis on X that day, stating: 'Bitcoin is still in a transitional phase and at a critical technical node. Around $82,500 is the key price level that will determine the construction of Bitcoin's market structure in the next stage.'
According to the weekly chart on X.com by Rekt Capital, Bitcoin has been fluctuating in that area.
After Bitcoin fell below $82,000, the liquidation of long positions in the crypto market further expanded. CoinGlass data shows that the amount at that time was approximately $430 million.
Bitcoin Analysis
Bitcoin
More related content
- Hashi of Sui will be launched after receiving a financial commitment of 500 million US dollars in Bitcoin.
- Bitcoin sees monthly “new funds” inflows of nearly $5 billion, but the upward trend of BTC has stalled
- US Bitcoin ETF recorded a net outflow of $485 million, the largest single-day outflow since June
