🚨 Analysis: Why Did Bitcoin and Cryptocurrencies Drop Today?
📉 Sudden Drop in Bitcoin:
Current Price: $99,368, down 3.25% in the last 24 hours.
Daily Range: Between $98,823 and $103,022.
Trading Volume: $46.93 billion.
🔍 Main Reasons for the Drop:
1. Geopolitical Tensions:
The US airstrike on Iran affected financial markets, leading Bitcoin to drop to around $104,000.
2. Decline in Bitcoin Dominance:
The decrease in Bitcoin dominance may lead to liquidity shifting to alternative cryptocurrencies, negatively impacting Bitcoin's price.
3. Technical Analysis:
Technical indicators point to bearish momentum, with critical support levels at $100,945.
📊 What Does This Mean for Investors?
Potential Buying Opportunities: The drop may be seen as a chance to buy Bitcoin at lower prices, especially if a bullish reversal pattern is confirmed.
Potential Risks: If the price continues to decline without strong support, it may head towards levels of $96,000 to $98,000.
