Today, the market suddenly flipped, and we saw a significant drop in cryptocurrencies, starting with Bitcoin, which fell below 100,000 dollars for the first time in over a month, and Ethereum also dropped below 2,200 dollars.
The main reason is the political tensions, especially after Iran hinted at the possibility of closing the Strait of Hormuz, which is a very important maritime passage through which about 20% of the world's oil flows. The market entered a state of fear, and investors started to shy away from risk, leading people to sell their currencies.
Moreover, America struck nuclear sites in Iran, so things have been tense since morning, and Ethereum took a stronger hit because of this. Also, many options contracts expired yesterday, which clearly increased selling activity.
From a technical analysis perspective, Bitcoin might find support around 97,000, and if it drops further, people will start thinking about new buying opportunities. As for Ethereum, support is around 2,100 dollars, and if it holds, we might see a slight rebound.
If you are a long-term investor, this could be a good opportunity to gather some crypto at lower prices. But you must be cautious, always set a stop-loss, and keep up with the news regularly.
The market is very sensitive right now, and nothing is certain... Stay alert and look for opportunities when everyone is scared!$BTC #bitcoin #StrategyBTCPurchase