The crypto community is expressing concerns about potential Iranian disruption of oil supply through the Strait of Hormuz, which could negatively impact cryptocurrency markets. However, experts suggest these fears may be exaggerated, arguing that a complete closure of the strait would be unlikely or impractical for Iran to implement.
Bitcoin dropped below $64,000 to a low of $63,019, marking a 19% decline for February. During this price drop, 23,300 BTC were moved to exchanges at a loss, indicating potential selling pressure from investors.
CryptoQuant data indicates Bitcoin is experiencing brutal deleveraging, suggesting the market hasn't reached its bottom yet. The analysis points to a consolidative or mid-cycle bearish regime with potential capitulation events approaching soon.
Bitcoin's price dropped below $64,000 following Israel's military attacks on Iran. Israel has declared a state of emergency in anticipation of swift Iranian retaliation, creating geopolitical uncertainty that is impacting cryptocurrency markets.
Ethereum's Net Taker Volume hit record negative levels in February, indicating severe liquidation-driven selling from $3,300 to $1,850 levels. While ETH attempts to stabilize around $2,000, the technical structure remains bearish with price below all major moving averages and $1,850 serving as a critical support level.