US-Iran Tensions Weigh on Bitcoin and Gold Markets

The recent US-Iran tensions have weighed heavily on both Bitcoin and Gold markets. Over the weekend, the US military launched strikes against three Iran-linked oil tankers in the Gulf of Oman, disabling two and destroying one. In retaliation, Iran targeted several US-affiliated vessels and oil tankers attempting to transit through the Strait of Hormuz.

As a result, the price of Bitcoin has fallen below $79,000, mirroring the broader cryptocurrency market's bearish shift. Gold also fell for the second consecutive day, testing its support at $4,400. The US and Iran exchange strikes have intensified geopolitical tensions, which is weighing on both markets.

Technically speaking, Bitcoin remains in a firmly supported medium-term uptrend, despite the latest pullback from recent highs. Its Relative Strength Index (RSI) stays in positive territory, hinting that buyers still retain control. However, the Moving Average Convergence Divergence (MACD) line is warning of easing upside pressure in the near term.

Gold holds above its 50-day, 100-day and 200-day Exponential Moving Averages (EMAs), which cluster between roughly $4,318 and $4,368. The RSI at about 51 is neutral to slightly positive, while the MACD sits in negative territory with its recent downturn hinting that bullish momentum is still fragile.