Ethereum

Greed

Bitcoin

Impact

April

<p>The price of Bitcoin has&nbsp;been plagued&nbsp;by volatility over the last few weeks. Recently, the&nbsp;price&nbsp;of the asset&nbsp;dropped under its critical support level of $60,000&nbsp;seeing&nbsp;a loss of about 5%. The volatile movement has been the talk of the crypto sector&nbsp;especially&nbsp;with some analysts attributing it to the escalating <a href="https://www.abc.net.au/news/2024-04-19/explosions-heard-at-airport-in-central-iran/103677406" rel="noopener noreferrer nofollow" target="_blank">tensions</a> in the Middle East.</p>
<h2 class="wp-block-heading" id="bitcoin-experiences-a-massivedrop">Bitcoin experiences a massive&nbsp;drop</h2>
<p>The price of Bitcoin briefly fell to $59,698 before seeing a slight surge that propelled it above $61,000. Accepting to analytics firm CoinGlass, long positions worth $243 million will be liquidated if the digital asset hits $59,000. In the last 30 hours, over $34 million in long positions on Bitcoin has been wiped off, per <a href="https://www.coinglass.com/currencies/BTC" rel="noopener noreferrer nofollow" target="_blank">data</a>. This recent price volatility is coming amid increasing tensions in Iran.</p>
<p>According to several sources&nbsp;in the country, explosions have&nbsp;been heard&nbsp;at the Isfahan airport in central Iran. A similar reaction was felt in the price of the digital asset when Iran launched an attack on Israel on April 13. During the attack, the&nbsp;price&nbsp;of the leading digital asset dropped by 8.4%. Following the&nbsp;news of the attack, the drop in Bitcoin’s price erased over $130 million in market cap.</p>
<h2 class="wp-block-heading" id="impact-of-geopolitical-factors-on-btc-s-price">Impact of geopolitical factors on BTC’s price</h2>
<p>Bitcoin holders have also been anticipating potential volatility as the&nbsp;Bitcoin&nbsp;halving event draws closer. The upcoming halving event is expected to cut the supply of the asset by half and&nbsp;is scheduled&nbsp;to take place on April 20. Also, the Fear and Greed index has dropped by 13 points from its previous greed index of 79.</p>
<p>Bitcoin has&nbsp;been maintaining&nbsp;its price around the $63,000 mark over the last seven days before <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow" target="_blank">experiencing</a> a decline of 7.5% to drop from $63,814 to $59,648. Open interest (OI) in BTC has also fallen in the same period, losing 17% to&nbsp;stay at&nbsp;$28 billion. Ethereum is also not finding it easy in the crypto market. Recently, Ethereum experienced a drastic slide of about 5%, falling from its support level of $3,000. The asset briefly touched $2,876 before touching and resting at its support level.</p>

Bitcoin dips under $60,000 amid worsening Middle East crisis

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