US-Iran Tensions Weigh on Bitcoin Price
Renewed US-Iran tensions have lifted oil prices and are exerting downward pressure on Bitcoin, which is currently trading below $77,000. The US Central Command (CENTCOM) carried out fresh strikes against Iran's Islamic Revolutionary Guard Corps (IRGC) targets early on Wednesday, sparking fears of a wider conflict.
Bitcoin has been holding above the 50-, 100-, and 200-day Exponential Moving Averages (EMAs), which are clustered between roughly $69,221 and $72,397. However, the recent pullback in the Relative Strength Index (RSI) from overbought readings to about 63 on the daily chart suggests that upside momentum is cooling.
Immediate support for Bitcoin appears at the 50% retracement measured from $97,924 to $57,800 near $75,233, followed by the 200-day EMA at about $72,397. On the topside, initial resistance aligns with the 78.6% retracement near $87,476.