Bitcoin Price Under Pressure as Geopolitical Uncertainty Bites

The price of Bitcoin has been under pressure this week due to renewed geopolitical uncertainty surrounding Iran. US President Donald Trump's comments about the conflict have added to market anxiety, causing the price of WTI Crude oil to climb towards $100.

Bitcoin's technical structure has also weakened after failing to sustain its recent bullish momentum. The cryptocurrency reached a high of $87,395 on September 21 but entered a consolidation phase between September 23 and 28. The balance eventually broke in favor of sellers, with Bitcoin moving below the consolidation range.

The next move will largely depend on market momentum. A recovery above the previous consolidation range could bring Bitcoin back toward the upper boundary and provide bulls with an opportunity to rebuild momentum. However, continued selling pressure could push the price toward the blue-marked support zone below.