Analysis: Escalating US-Iran Tensions Trigger Bitcoin Decline, Market Uncertainty Hits High
Odaily News According to reports, the U.S. Department of Defense is preparing for a "lethal strike" against Iran, with the Pentagon having formulated military plans including ground troops and large-scale bombing. Coupled with the expiration of Trump's strike suspension deadline against Iran on Friday, Bitcoin has once again fallen below $70,000, with a 24-hour drop of approximately 3%.
Glassnode stated that Bitcoin's short-term holding cost of $70,200 is a key support level, but buy-side accumulation is limited, and the risk of a breakdown cannot be ignored. Tim Sun, a senior researcher at HashKey Group, believes this level may be repeatedly tested, and the current rebound relies on leverage, making it susceptible to price pullbacks if sentiment reverses.
On a macro level, the VIX futures volatility surged to 388.2 last month (a near six-month high), which is four times the average market panic level. The Kobeissi Letter pointed out that current global market uncertainty is unprecedented, further exacerbating the volatility risk of crypto assets. (Decrypt)
