Bitcoin Price Volatility Rises Amid US-Iran Conflict

Bitcoin's price has taken a hit as the US-Iran conflict escalates, with President Donald Trump setting an 8 p.m. ET deadline for Iran to reopen the Strait of Hormuz or face destruction.

The move has sent shockwaves through markets, with Bitcoin dropping 2% to $68,117 and Ethereum slipping 2.7%. The cryptocurrency is now facing a triple-pattern breakdown on its daily chart, which could lead to further price drops.

On the prediction market Myriad, traders are pricing in a 57% chance of Bitcoin dumping to $55,000, compared to 43% odds on a pump to $84,000. The charts show that each recovery attempt by buyers has failed since October last year, with lower highs and lower bottoms.

The overall indicators show a bearish mood among Bitcoin traders, with the Exponential Moving Averages (EMAs) and Average Directional Index (ADX) pointing to a downward trend.