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BTC Bitcoin fell to US$62,000 as tensions between the United States and Iran escalated, with Nasdaq down 1%
Bitcoin extended its decline in early Monday morning as traders responded to renewed geopolitical tensions between the United States and Iran. At opening hours on Wall Street, the world's largest cryptocurrency approached the US$62,000 mark.
The US-Iran conflict drags down markets
Markets have intensified concerns about a possible escalation of the ongoing standoff between Washington and Tehran, affecting global risk sentiment. The Nasdaq Composite Index fell 1% in early trading, while oil prices remained high, with West Texas Intermediate crude (WTI) trading close to $75 a barrel.
U.S. President Donald Trump said in a speech on Fox TV that the United States will increase its military presence in the Strait of Hormuz. The Strait of Hormuz is an important channel for international oil transportation, and Iran recently blocked the Strait. Trump said: "We will hold this strait and we will probably run it. We will become the guardians of the strait. Perhaps we can call it the 'guardian angel' of the strait. For this, we should be compensated." Trump emphasized that the United States intends to secure and regulate the Strait of Hormuz, demonstrating the country's willingness to provide security for this critical sea channel.
Rising geopolitical pressures are prompting investors to turn to cash and traditional safe-haven assets, further putting pressure on major digital assets such as Bitcoin.
Bitcoin faces sell-off, short positions increase
TradingView data showed that BTC/USD continued to fall back to around US$62,000. Many market participants pointed out that during the pre-market trading session in the United States, a large number of short positions were opened. Analysts described the recent Bitcoin price trend as "very weak", with bears dominating since the initial decline early this week.
Cryptocurrency analysis firm JDK Analysis pointed out: "Before the opening bell in New York, there was a large influx of shorts. The price is currently right at mVWAP, a key defensive position for the bulls!" This level, known as the volume-weighted average price (VWAP), summarizes trading activity across exchanges and helps identify key areas of support and resistance.
Small Dictionary: mVWAP
mVWAP (Multiple Volume Weighted Average Price) is a technical indicator used to track the average transaction price of an asset on the day and adjust it based on transaction volume. Traders use mVWAP to identify key levels of support and resistance in volatile markets.
JDK Analysis warned that if the sell-off continues and VWAP levels fail to hold, Bitcoin may retest the US$60,000 support area. At the same time, open interest contracts continued to rise, with commentators Exitpump and others pointing out that the market has seen "aggressive short selling on a crazy scale."
Bulls aim for recovery, target US$70,000
Despite the current weak trend, some traders are still optimistic about Bitcoin's medium-term direction. Trader Roman shifted to a more bullish stance, emphasizing that technical indicators were showing signs of downward exhaustion, including the Relative Strength Index (RSI) and volume indicators. Roman is optimistic about a rebound, believing that a rise is possible, but the timing and structure of a rebound will be critical.
Several market observers have maintained forecasts that Bitcoin may return to the US$70,000 range, but expectations remain divided on the speed of the recovery. Some analysts expect further upside in the short term, but more expect a more obvious bottom-building process in the third quarter.
