Undervalued
Breaking: Severe collective collapse hits Bitcoin after the attack
As expected, cryptocurrency prices have sharply declined following the disturbances, with Bitcoin dropping by 2% and Ethereum by 7% over the past 24 hours. The price of Bitcoin briefly plummeted to $101,000 as the news spread. As CoinGape previously reported, there was a possibility that cryptocurrency prices could sharply decline if the United States attacked Iran. The path forward depends on Iran's reaction as markets closely monitor and await developments.
The next support level for Bitcoin remains in the $92,000 - $94,000 range, which represents a decline of about 10% from current levels. This would mean massive sell-offs for many altcoins.
What’s next for Bitcoin and cryptocurrencies?
According to a cryptocurrency trader who posted on platform X, there is a chance that Bitcoin could first jump and then retreat. His analysis suggests that the price of Bitcoin has now touched a support area and should see some relief. It is believed that losing the $102,000 level will open the door for a potential revisit of the $98,000 - $94,000 range indicated on the chart.
Markets remain highly volatile at this time, as any indication of peace could lead to renewed interest from bullish speculators, while escalation could devastate the markets.
