May 28, 2024

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Bitcoin fell below $60,000 after the Israeli counterattack, but is recovering

Bitcoin fell below $60,000 after the Israeli counterattack, but is recovering

Bitcoin (BTC) price had a volatile night. At midnight, Bitcoin fell about 5% to below $60,000 after it emerged that Israel had launched a retaliatory strike against Iran. However, the price rose very quickly again. The picture in the cryptocurrency market is changeable, with some amazing price movements.

Crypto Radar: Bitcoin Price Drops Again – Market Turns Red Again

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Bitcoin price is testing an important support area

Bitcoin price slowly rose during yesterday's session and briefly surpassed $64,000 at the end of the afternoon. During the evening the price moved sideways at around $63,500.

At 02:30 Dutch time, it was reported that several military bases and airports in Iran had been hit by Israeli missiles. Just like last weekend, when Iran launched an attack on Israel, the price of Bitcoin immediately took a major hit.

In about two hours, Bitcoin lost more than 5% of its value. After a bloody decline, the price hit a low of around $59,700 around 4:30 a.m. The price did not remain below $60,000 for long, and after an hour, the price of Bitcoin returned to $62,000.

The support area around $60,000 has done its job for the umpteenth time. In the past week, Bitcoin has already rebounded from this crucial level twice before. If the support level is lost, a further decline towards $52,000 is possible. If BTC continues to recover, the next resistance will be $64,000.

At the time of writing, the price of BTC on SATOS-backed cryptocurrency exchange Bybit was worth $61,915. On Dutch cryptocurrency exchange Bitvavo, the price of BTC in euros is 58,284. Compared to 24 hours ago, Bitcoin rose by 0.79%.

Cryptocurrency Market Uncertain, Tooncoin Surges 10%

The cryptocurrency market as a whole is in a bit of the green today. However, there are also many altcoins that fall into negative territory. Among the top 10 cryptocurrencies, in addition to BTC, there are only two other rising coins: solana (SOL) and toncoin (TON). Solana's value is 2.45% higher than it was 24 hours ago and Toncoin is up a staggering 10.02%.

The rest will at least turn red. For example, Ethereum (ETH) fell by 0.19%, Ripple (XRP) fell by 1.89%, and Cardano (ADA) fell by 1.64%.

Crypto Radar: Bitcoin absorbs the collapse and the price stabilizes somewhat

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