Cryptocurrency Market Pulls Back Amid US-Iran Tensions

The cryptocurrency market is experiencing a broad pullback on Wednesday as investors become increasingly cautious. Bitcoin (BTC) has consolidated near its short-term support at $77,000, while Ethereum (ETH) and Ripple (XRP) are trending lower due to investor risk aversion.

The renewed tensions between the US and Iran have triggered a decline in Fear & Greed sentiment to 63 on Wednesday from 69 the day before. If this trend continues, it could weigh heavily on price action across all cryptocurrencies.

According to technical analysis, Bitcoin's bullish near-term bias is weakening due to its inability to break above key resistance levels. Ethereum and XRP are also facing downside risk as they struggle to maintain their support levels.