Bitcoin (BTC) is currently trading at approximately $101,516, recovering slightly after dipping below $100,000 in the past 24 hours due to geopolitical tensions from U.S. airstrikes on Iranian nuclear sites. It saw a 1.2% decline over the day, with over $1 billion in liquidations across the crypto market, primarily from overleveraged long positions. Despite this, Bitcoin remains the dominant cryptocurrency, with a market cap of roughly $2 trillion, comprising over 60% of the total crypto market.

The Main Drivers:

- Geopolitical Impact: Escalating U.S.-Iran tensions have driven market volatility, pushing investors toward safer assets like U.S. treasuries. Bitcoin’s brief drop below $100,000 reflects this panic, though it stabilized quickly.

- Institutional Adoption: Japanese firm Metaplanet boosted its BTC holdings by 1,111 coins ($118.2M), now owning 11,111 BTC, signaling strong institutional confidence.

Market Sentiment: The Fear and Greed Index has shifted to fear, indicating caution. Polymarket users estimate a 42% chance of Bitcoin falling to $95,000 or lower this month.

Technical Outlook:

Bitcoin is testing key support around $100,000. A break below could see it target $95,000, while resistance sits near $105,000. Volatility is high due to external pressures, but Bitcoin’s resilience suggests potential for recovery if tensions ease.

Bitcoin remains a cornerstone of the crypto market, navigating short-term volatility from geopolitical events while retaining institutional interest. Investors should monitor global developments and technical levels closely for near-term direction.