Oil Ensures Bitcoin Fails to Reclaim $70,000 Yet Again
Bitcoin dropped below $70,000 as Middle East tensions and oil supply fears triggered a global asset sell-off affecting stocks and gold.Summary
Bitcoin (BTC) failed in its attempt to reclaim the $70,000 level on Tuesday, as escalating tensions in the Middle East, specifically concerns over oil supply following the closure of the Strait of Hormuz, sparked a broad global asset sell-off. BTC prices fell by about 3.2%, bringing $66,000 back into focus, mirroring weakness seen in stock markets like the S&P 500 and Nasdaq. While oil prices saw upside volatility, even gold struggled, falling and targeting $5,000 support, leading one analyst to describe it as "absolutely smashed." Some traders noted that Bitcoin's decline was comparatively less severe than that of precious metals, with one observing that BTC was only down 3% while gold was down 6% and silver down 11%. However, technical analysts suggested that BTC bulls failed to muster momentum after losing key trend lines, indicating that bears remain in control for now.
(Source：Cointelegraph)