Cryptos Take a Hit as U.S.-Iran Tensions Spur Oil Price Surge

The global crypto market has seen a decline of 1% to $2.61 trillion over the past 24 hours, largely due to renewed U.S.-Iran military tensions and their impact on oil prices.

Bitcoin (BTC), XRP, and Ethereum (ETH) are all being affected by these macroeconomic risks, with Bitcoin currently trading at $78,013, down just 0.22% from the previous day.

The BTC price is near a critical support level of $77,584, which is a Fibonacci level. If it holds above this point, buyers may regain control and push the price towards $80,000-$82,500. However, if it breaks below, sellers could take over and send the price plummeting to $76,000-$75,000.

XRP, on the other hand, is facing significant pressure from broader altcoin weakness and leverage, with its estimated leverage ratio reaching a seven-month high before the decline. The XRP price is currently trading at $1.36, down 2.54%, with $1.35 acting as the main support zone.

Ethereum (ETH) has defended the $2,400 support zone and is up 1.13% from the previous day, but its indicators are all over the place, and it needs more buying power to get back above $2,500.