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▲ US, Iran, Bitcoin (BTC)/ChatGPT generated image
Amid warnings from US President Donald Trump of further strikes on Iran, Bitcoin (BTC) and major cryptocurrencies collectively fell, with analysis suggesting a strong sell barrier has formed at Bitcoin's $63,000 level.
According to crypto media outlet Benzinga on July 9 (local time), Bitcoin fell by 1.9% over 24 hours, Ethereum (ETH) by 1.76%, XRP by 1.87%, Solana (SOL) by 2.44%, and Dogecoin (DOGE) by 2.07%. The global cryptocurrency market capitalization also decreased by 1.67% to $2.15 trillion.
Coinglass data showed that cryptocurrency market liquidations exceeded $330 million in the past 24 hours. Of this, long position liquidations, betting on price increases, amounted to $261 million alone, and if Bitcoin falls to $60,000, approximately $400 million worth of Bitcoin long positions would be at risk of liquidation. Bitcoin's open interest also decreased by 1.4%, and institutional investor sentiment on Binance turned extremely bearish.
The cryptocurrency downturn coincided with escalating tensions surrounding Iran. President Trump shared news of an airstrike on Chabahar in southeastern Iran on Truth Social, stating, "This is retaliation for Iran bombing a ship yesterday. If it happens again, the situation will get much worse." Earlier, President Trump had declared that the interim truce and memorandum of understanding with Iran were "over." On the same day, the Dow Jones Industrial Average fell by 576.76 points, or 1.09%, and the S&P 500 index slipped by 0.28%.
On-chain analytics firm Santiment noted a surge in war-related cryptocurrency conversations, suggesting increased volatility in the coming days. Santiment stated, "If tensions continue to rise, Bitcoin and altcoins could face short-term difficulties," adding, "If fear escalates too quickly, it could also lay the groundwork for a strong relief rally when the related news calms down."
Cryptocurrency analyst and trader Ali Martinez identified $63,000 as a key barrier that Bitcoin's upward trend needs to break through. Martinez stated, "Holders who bought near $63,000 could use the recovery to their purchase price as an opportunity to exit without loss, increasing selling pressure in that range." He further suggested that if the $59,000 support level breaks, there's a possibility of a drop to $46,000 or even $37,870.
[Article Key Summary]
-Bitcoin, Ethereum, XRP, Solana, and Dogecoin all fell amid rising tensions in Iran.
-Cryptocurrency market liquidations exceeded $330 million in the past 24 hours, with long position liquidations alone reaching $261 million.
-Martinez identified Bitcoin's $63,000 as a key sell barrier and $59,000 as a major support level.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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