Bitcoin Price Tumbles 3.6% As Israel Vows Revenge For Iran Missile Attack, While Traders Turn To This Meme Coin ICO Amid The Crypto Crash
The Bitcoin price tumbled 3.6% in the last 24 hours to trade at $61,687 as of 03:37 a.m. EST on trading volume that surged 40% to $50 billion.
This comes as Israeli Prime Minister Benjamin Netanyahu vowed revenge on Iran as the conflict in the Middle East threatened to spiral out of control.
Netanyahu warned Tehran would “pay a price” after it fired around 200 ballistic missiles at Israel on Tuesday evening following an Israeli invasion of Lebanon.
Bitcoin Price Currently On A Bearish Trend
The Bitcoin price has been on a sustained bullish trend in September, as it soared from the $53,700 support from September 8 towards a markup phase, according to data from GeckoTerminal .
However, the $66,000 resistance has allowed the price of Bitcoin to plunge, forming a rounding top pattern.
BTC trades below the 50-day Simple Moving Average (SMA), showing that the BTC price is currently on a short-term bearish trend. However, the Bitcoin price still trades above the 200-day SMA, suggesting that BTC may still move towards a reversal.
The BTC/USD chart analysis on the 4-hour chart shows that BTC is currently on a bearish trend, as the bears seem to have capitalized on the rounding top pattern to push the price of Bitcoin below the $62,000 support.
If this pressure from the bears continues, BTC could plunge even further down, with $54,500 acting as the next possible support.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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