Bitcoin Price Plunges to Three-Week Lows Amid Oil-Supply Uncertainty

Bitcoin's price has declined significantly over the past day, reaching its lowest levels in nearly three weeks. According to data from TradingView, the BTC/USD pair slipped below $66,500 ahead of the Wall Street open.

The drop is attributed to fresh oil-supply threats, including Iran's decision to close the Strait of Hormuz oil route. This move has put pressure on oil prices, causing a ripple effect in the cryptocurrency market.

Market analysts have identified a potential bear flag that could send the price below $50,000. The flag is formed by a series of lower highs and lower lows, which could indicate a downward trend.