Time is running out for Bitcoin $BTC which has surpassed $62K as geopolitical tensions ease.

The fact that the Israeli-Iranian conflict has calmed down somewhat has caused Bitcoin to move higher. With the reaction it received from $60,000, Bitcoin, which has surpassed $62,000, is priced in a short range. The next move of the crypto leader, which is currently not clear, is a matter of curiosity. In particular, the upcoming US presidential elections will increase volatility in Bitcoin.

The $60,000 area acted as support during the downward move on October 1, giving hope to both the market and investors. However, if the Israel-Iran tensions continue to rise, this support area could lose strength with each passing day. As of writing, Bitcoin, which is trading at $62,125, could drop to $56,602, $52,614 and $50,580, respectively, if it breaks the $60,000 level downward.

News flows related to Israel and Iran in particular will play a significant role in this process. Daily closes below the recently tested low at $52,614 could lead to declines towards $40,000-$42,000.

If the Iran-Israel conflict calms down, the US presidential election has a positive impact on the market, or Bitcoin rises above $63,000, an upside move towards $64,758 - $67,091 - $70,500 and $73,684, respectively, could occur. In such a scenario, the $70,500 level would be crucial. Weekly closes above this level could boost the cryptocurrency’s rally.

Ali Martinez, a well-known crypto analyst, stated that the descending channel structure in Bitcoin could lead to a drop to $52,000. Bitcoin, which is currently approaching the middle range of the descending channel, could test $52,000 if the technical structure holds. According to the technical analysis, the $58,000-$59,000 range will be important. This area coincides with the middle of the descending channel. Any move that remains below the $58,000-$59,000 area will indicate a drop to $52,000. #WeAreAllSatoshi #BinanceTurns7 #TopCoinsJune2024 #MarketDownturn