- Market sentiment has declined as the US-Iran war continues:
The war in the Middle East still casts a shadow over global markets, with oil prices remaining high above $103 for West Texas Intermediate crude. US President Donald Trump warned of a potential escalation if Iran does not reach an agreement or open the Strait of Hormuz by 8:00 PM Eastern US Time on Tuesday. The strait is a vital shipping route, controlling 20% of global oil and gas supplies.
Trump stated that the US military might strike Iranian energy infrastructure and bridges if the Strait of Hormuz is not opened before the deadline.
Meanwhile, bearish sentiment has persisted in the cryptocurrency market since the war began in late February. The Fear and Greed Index remained at 11 on Monday and Tuesday, indicating extreme fear. According to data from Alternative, the index dropped from an average of 14 last week but slightly increased from 10 recorded in March.
Cryptocurrency Fear and Greed Index | Source: Alternative
Extreme fear levels suggest that investors remain tense and reluctant to increase risk exposure, ultimately reducing the purchasing power needed to sustain higher prices.
Today’s Chart: Bitcoin’s price rise remains limited below $70,000.
Bitcoin (BTC) is currently trading below $69,000, with support at $68,000. Despite recent surges above $70,000, the short-term trend is slightly bullish after Bitcoin regained strength above the mid-60s. The Moving Average Convergence Divergence (MACD) remains above the signal line on the daily chart, with an improving chart indicating a resurgence of bullish momentum.
Meanwhile, the Relative Strength Index (RSI) is just below 50, indicating slight sideways movement and leaving room for volatility as the price stabilizes below recent highs. At the same time, Bitcoin’s position below the 50, 100, and 200-day exponential moving averages (EMA) suggests seller dominance.
Daily BTC/USDT Chart
Immediate support for Bitcoin is near $68,000, aligning with the recent low and previous rebound zone, followed by a deeper support level around $66,000, where previous dips saw demand. Breaking this last level could lead to a move toward $65,000, where buyers are expected to defend the overall bullish structure.
On the upside, initial resistance is near $70,000 before the zone around $71,000, both of which have limited recent gains. A daily close above $71,000 could open the way toward the $72,800 - $74,900 range, where the downward resistance line from the $126,199 zone previously capped gains and where selling pressure could re-emerge.
$BTC
$ETH
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