Bitcoin lost ground below $105,000 after news about Israel’s strike on Iran, with the price previously approaching coveted record highs above $110,000 before dropping once more.
Earlier Israeli strikes on Iran today sent bitcoin down to $102,953, threatening to pierce the psychological barrier of $100,000, with traders liquidating positions worth over $450 million in a single day according to CoinGlass data.
When prices fall, traders who are highly leveraged are stopped out of their positions, which cascades into a selloff wave.
Binance data also showed the Net Taker Volumes, an index tracked by Binance, at $197 million, which indicates aggressive market orders, in this case with sell positions.
Technical Analysis Offers Little Respite
Technically, bitcoin seems to be heading southward according to several indicators, such as the 20-day SMA and the MACD.
Intensive geopolitical escalation between Israel and Iran could send the price even lower towards $91,672.
On the flip side, a strong return of bulls and stabilization above the 20-day SMA could pave a way for a recovery towards the record near $112,000.
