Middle East Tensions Send Bitcoin Slumping Below $63,000

The cryptocurrency market has been under pressure due to escalating geopolitical tensions in the Middle East. Bitcoin (BTC) slipped below $63,000, while major altcoins like Bitcoin Cash (BCH) and Hyperliquid (HYPE) recorded losses.

Renewed concerns surrounding US-Iran relations and rising tensions involving Israel and Lebanon have weighed heavily on investor sentiment. The latest developments include reports of Israeli missile strikes over Lebanon and the cancellation of planned discussions between US and Iranian officials in Switzerland.

Crypto traders experienced significant liquidations on Thursday, with long positions accounting for nearly $363 million in liquidations, far exceeding short liquidations. Spot Bitcoin ETFs also recorded an outflow of $90.70 million, led by BlackRock's IBIT and VanEck's HODL.

The technical outlook for Bitcoin is bearish, with several indicators pointing to persistent selling pressure. The 50-day Exponential Moving Average (EMA) sits near $69,730, while the upper Bollinger Band is located around $70,810.