Bitcoin (BTC) price has once again fallen below the key $60,000 support level, down 5.44% in just two hours, amid escalating geopolitical tensions in the Middle East.
On April 19, Bitcoin price dropped to $59,698 before quickly recovering to $61,352. According to CoinGlass data , this is an important incident to note, as if its price were to drop to $59,000, approximately $243 million in Longing positions would be liquidated.
This comes amid Iranian state media reporting that explosions were heard at Isfahan airport in central Iran, according to a recent local report .
On April 13, Bitcoin prices experienced similar volatility, plummeting 8.4% after Iran launched an attack on Israel, escalating the geopolitical conflict in the Middle East.
Bitcoin holders are also bracing for heightened volatility as the halving, which cuts miner rewards in half every four years, is scheduled to take place on April 20.
The Crypto Fear and Greed Index – a key tool that tracks market sentiment in the cryptocurrency market – has dropped 13 points since the index reached 79 last week.
Open interest (OI) for Bitcoin has also experienced a decline over the past 7 days, down about 17.6% to $28.06 billion.
