US-Iran Conflict Reignites! Bitcoin Market Shaken Again

▲ US, Iran, Bitcoin (BTC)/AI generated image ©

As military clashes between the United States and Iran re-escalated, Bitcoin (BTC) fell below $80,000, and risk-aversion sentiment is rapidly spreading across the cryptocurrency market.

According to investment media FXStreet on May 8 (local time), the US Central Command (CENTCOM) announced that US forces struck Iranian military facilities that attacked three US Navy destroyers passing through the Strait of Hormuz. As tensions in the Middle East escalated again, international oil prices surged, and risk asset preference sentiment contracted, putting downward pressure on Bitcoin.

The Fear & Greed Index, based on CoinMarketCap, fell to 46 on this day, indicating that the market sentiment had shifted back to a 'risk-off' phase. Bitcoin traded below $80,000, continuing its downward trend from the previous day, but it remained above the 50-day exponential moving average (EMA) of $75,326 and the 100-day EMA of $76,271, suggesting that the mid-to-long-term upward trend itself is still alive.

Technical trends were also evaluated as not having completely collapsed. The Relative Strength Index (RSI) moved around 60, maintaining an unheated state, and the Moving Average Convergence Divergence (MACD) also remained in positive territory. However, the media diagnosed that the buying pressure was closer to slowing down rather than strengthening. In the market, the 200-day EMA at $81,871 is drawing attention as a key short-term resistance level.

Meanwhile, in the altcoin market, Ondo (ONDO), World Liberty Financial (WLFI), and Virtuals Protocol (VIRTUAL) showed strength. Ondo traded above $0.3500 after a 9% surge the day before, and its RSI soared to 83, entering the overbought zone. WLFI continued its rebound for six consecutive trading days but remained below its mid-to-long-term EMAs, while Virtuals Protocol broke through all 50-day, 100-day, and 200-day EMAs, continuing a strong upward trend.

The market anticipates that if Bitcoin recovers the $81,871 resistance level, the possibility of re-challenging $90,000 will open up. Conversely, if the support level in the $76,000 range, where the 100-day EMA and 50-day EMA are located, breaks down, there is an analysis that the possibility of a correction could increase to around $69,436, where the long-term uptrend line is located.

*Disclaimer: This article is for investment reference only and is not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*