Crypto Market Crash Accelerates Amid Rising Risk-Off Sentiment

The crypto market has been experiencing a significant downturn in recent days, with Bitcoin falling below $65,000 and top altcoins such as Ethereum, Ripple, and Solana experiencing losses of over 4% in the last 24 hours.

This decline is attributed to a risk-off sentiment that has taken hold of the market. The ongoing tensions between the US and Iran have raised concerns about potential conflict and its impact on crude oil prices. This, in turn, has led to increased inflationary pressures, which are seen as negative for Bitcoin's value.

Furthermore, technical indicators suggest that Bitcoin may continue to fall, with its price remaining below all moving averages and the Supertrend indicator. The daily chart shows a bearish pennant pattern forming, indicating potential further downside.