The cryptocurrency market is under pressure due to strained US-Iran negotiations, which have pushed Bitcoin below $63,000. Israeli missile strikes on Lebanon have raised concerns over the renewed passage through the Strait of Hormuz, adding to the bearish sentiment.
BTC has slipped below $63,000 for the fourth consecutive day, driven by Kevin Warsh's hawkish speech and the cancellation of US-Iran negotiations in Switzerland. The market is experiencing a significant wipeout of bullish positions, with nearly $376 million in long liquidations compared to around $94 million in short liquidations.
The technical analysis suggests that BTC maintains a bearish near-term bias, with overhead supply and resistance at the 50-day EMA ($69,730) and upper Bollinger band ($70,810). The formerly supportive rising trend line has turned into resistance near $73,050.