Several factors are converging to put downward pressure on the market:

1. Geopolitical Turmoil: Israel‑Iran Conflict

Israel conducted airstrikes on Iran, significantly escalating Middle East tensions. This sparked a risk-off reaction in financial markets, with investors selling off crypto assets—Bitcoin dropped nearly 5% intraday, and Ethereum by about 10% .

Other risk assets like U.S. stocks slid (futures down ~1.5–1.8%), while safe-haven assets (gold, oil) surged .

2. Macro & Regulatory Pressures

The Fed’s inflation data deepened concern that no interest rate cut will be announced soon, denting risk appetite .

U.S.–China trade tensions and potential new tariffs have increased global uncertainty, pressuring markets further .

3. Options Expiry & Leveraged Liquidations

Over $3.7 billion in BTC/ETH options expired today. Such expiries often trigger volatility and position adjustments .

> “Crypto liquidations crossed over $1.2 billion in the last 24 hours” — with long positions being mainly hit .

4. Technical Pullback / Profit-Taking

Bitcoin hit resistance near $111K on the upper Bollinger Band and is now cooling off .

Indicators like MACD and RSI show a potential short-term correction, suggesting consolidation may continue .

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Summary

Factor Impact

Geopolitical risk Major sell-off in risk assets

Fed & macro dynamics Reduced appetite for speculative assets

Options expiry Spike in volatility & liquidations

Technical pullback Consolidation after recent highs