Bitcoin Price Plunges on Geopolitical Tensions and Strong US Dollar

The cryptocurrency market is experiencing significant volatility as Bitcoin's price continues to decline. Over the past 24 hours, Bitcoin has fallen by over 4% to around $72,800, with geopolitical tensions in the Middle East and a strong US dollar contributing to the decline.

According to data from CoinGecko, Bitcoin traded near $72,800 during early Asian hours on May 28 after losing the $73,000 region overnight. This decline has extended Bitcoin's pullback from its recent highs above $82,000, with sellers regaining control after repeated failures to reclaim resistance between $80,000 and $82,000.

Derivatives markets are also experiencing significant activity as traders attempt to defend the $70,000 support zone through new leveraged long positions. However, institutional demand for Bitcoin has weakened notably over the past week, with spot Bitcoin ETFs recording sustained outflows.