Bitcoin Price Slumps Below $72,000 Amid US-Iran Negotiation Breakdown

Bitcoin's price took a hit on May 12, falling below $72,000 to $71,571.45. This decline was largely attributed to the breakdown of negotiations between the US and Iran, which created uncertainty in the market.

The price drop also affected major altcoins, with Ethereum (ETH) and XRP (XRP) trading at $2,217.59 and $1.33 respectively, down 1.27% and 1.68% from a day earlier.

A forecast report by PeriodShort-termNeutral indicates that short positions remain dominant in the market, with a funding rate of -0.0091%. However, if Bitcoin successfully holds its support level at $70,000, it may trigger a short squeeze that could drive a rebound to $73,000.