Bitcoin Price Plummets as US-Iran Ceasefire Falters

The recent US-Iran ceasefire has had a significant impact on the cryptocurrency market, particularly on Bitcoin's price. Initially, the agreement led to a broad crypto rally, with Bitcoin reaching an intraday peak of $76,013. However, the deal is now showing signs of collapse, with Iranian Parliament Speaker Mohammad Bagher Ghalibaf stating that three clauses of the ceasefire proposal had been contravened.

The market is responding to this uncertainty by repricing energy risk premium and pricing in the possibility of oil prices spiking above $100. This has led to a pullback from Bitcoin's intraday peak, with the price falling below $71,000. The technical structure remains bounded by the $65,000-$73,000 range, but the asset is now testing the upper half of that range.

The immediate concern is that Bitcoin faced technical rejection at the 23.6% Fibonacci retracement level and has since fallen below its 7-day moving average. Key support levels to watch include the 50% Fibonacci retracement at $70,582, the 61.8% level at $70,052, and the swing low at $68,338.