The post Bitcoin (BTC) crashes amidst conflict escalation appeared on BitcoinEthereumNews.com.

Middle Eastern tensions heightened considerably on Tuesday as Iran fired a barrage of missiles into Israel, following the Israeli incursion into Lebanon. Markets fell on the news, and Bitcoin crashed to $60,200 before recovering. The BTC/USD pair crashed $3,800 on Tuesday as the conflict in the Middle East moved into a higher gear. With Israel and the United States promising retaliation, the price dump across all markets may not be finished yet. $BTC falls out of ascending channel Source: TradingView The 4-hour chart above shows how $BTC had dipped out of the ascending channel. The price was on its way back up until the news of the Iranian missile attack came out. At this point, $BTC fell heavily, and was eventually held up by the 200 simple moving average (SMA).  This level also happened to be the target for the measured move out of the channel, and the price was able to bounce from there. Currently, $BTC is back above the strong support at $61,400, which it has just retested. $BTC bounces from 50 SMA Source: TradingView In the daily time frame it can be noted that the price bounced from the 50 SMA. That said, the 200 SMA is starting to roll over slightly. Bitcoin will really need to recover strongly in order for this moving average to turn back up. It now appears that the $66,500 local high that the $BTC price made in this latest uptrend was actually the top, and so now the rejection from the top of the bull flag is plain to see. The price is at a resistance level right now. If it is able to break through, the next resistance is above at $63,000.  Cause for concern on weekly chart Source: TradingView The weekly chart does show some cause for concern as…

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Filed under: News - @ October 2, 2024 8:20 am