Crypto
Bitcoin Price Drops Below Key Moving Averages Amid Iran Tensions
Bitcoin's price took a hit on July 31 as renewed U.S., Iran tensions lifted oil prices and strengthened the dollar. The price fell below $64,000 after sliding from an intraday high of $65,410 to a low of $62,466.
The decline pushed Bitcoin below its seven-day and 25-day simple moving averages at approximately $63,445 and $64,488, indicating that short-term sellers have regained control. The price remains far below the 50-day SMA at $69,104 and the 200-day SMA near $71,499, which represent major overhead resistance.
The daily Aroon indicator supports the bearish reading, with Aroon Down jumping to 100% while Aroon Up stood at 28.57%. However, Bitcoin has not yet broken the broader range between approximately $58,000 and $67,000.