Bitcoin Price Plunges Below $60,000 amid Tensions and Upcoming Halving

By: Eliza Bennet

Bitcoin experienced sharp price downfall below the $60,000 mark, closely relating to the ongoing geopolitical unrest and forthcoming halving event. The digital asset faced the dip against the backdrop of volatile global conditions, specifically the first strike by Israel on Iran and subsequent explosions in Iran.

Bitcoin continues to show bearish signs below the $63,000 resistance zone, facing hurdles in initiating a recovery wave above this threshold. The currency trades under $62,800 and the 100 hourly Simple Moving Average, hinting at potential bearish momentum.|

Geo-political tensions and market instability led to the currency experiencing erratic price movements. Notably, the price fell below the $60,000 support zone, with a high at $64,142 before a steep drop. Ongoing market fluctuations and recovery challenges put the critical level at $65,000 at risk.

Bitcoin remains volatile, facing stiff resistance at $62,000, aggravated by the geopolitical uncertainties. Nevertheless, analysts suggest that if it manages to clear the $64,200 resistance zone, it might continue a climb potentially to $65,000.