Bitcoin’s Decline Continues! Will the $70,000 Support Level Be Broken?

The cryptocurrency market started the week with strong selling pressure, with Bitcoin ($BTC) falling towards the $70,000 level. Analysts point to increased US-Iran tensions and $BTC sales by institutional Bitcoin investor Strategy as contributing factors to the decline.

According to market data, Bitcoin fell 4.2% in the last 24 hours, dropping to $70,111. Ethereum (ETH), the second-largest cryptocurrency in the market, also declined by 1.1%, falling to $1,956. During the same period, BNB lost 2.4%, XRP 3.8%, and Solana 2.8% of their value.

Zeus Research analyst Dominick John said that one of the main reasons for the sell-off was geopolitical risks in the Middle East. He stated that renewed uncertainty surrounding negotiations between the US and Iran, and concerns about potential instability around the Strait of Hormuz, were driving investors away from risky assets.

Tensions escalated after Iran suspended talks with the US in protest against Israel’s military operations in Lebanon. While US President Donald Trump stated that negotiations were ongoing, international media reported disagreements between Trump and Israeli Prime Minister Benjamin Netanyahu.

Another development that put pressure on the market was Strategy’s Bitcoin sale. The company announced that it sold a total of 32 $BTC between May 26 and 31 at an average price of $77,135. The sale, worth approximately $2.5 million, marked the company’s first Bitcoin sale since December 2022.

While experts emphasize that the amount sold was quite limited, they note that Strategy, which adopts Bitcoin as a long-term reserve asset, selling its holdings negatively impacted investor psychology. CoinEx Chief Analyst Jeff Ko commented, “The amount sold may be small, but the message sent to the market is much bigger.”

Analysts say investors are now focused on the $70,000 level, and whether this psychological support can be maintained is critical for the short-term direction.

This is not investment advice.