Bitcoin (BTC) circled $78,000 on Saturday after geopolitical headwinds erased most of its May gains.
Key points:
- Bitcoin falls below $78,000 for the first time since the start of May.
- Oil-supply woes combine with existing nerves over US bond markets, adding to headwinds for risk assets.
- Support weakness has traders looking at $75,000 and under next, while optimists see a “bear trap” forming.
Multiple hurdles “coming together” for crypto, risk assets
Data from TradingView confirmed new lows of $77,614 on the day — the lowest levels since May 1.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Downside pressure stemming from concerns over US government bonds continued, with the US-Iran war also at the forefront of traders’ minds.
Iran appeared to be pressing ahead with a toll system…
more
Source cointelegraph.com
FTC: We use income earning affiliate links. More on Sposored links.
Terms of use and third-party services. More here.
Terms of use and third-party services. More here.