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Bitcoin (BTCUSD) fell to a six-week low on Thursday, dropping over 3% in a single day as the bearish trend extended into its third consecutive session. The decline was driven by rising oil prices amid renewed geopolitical tensions in the Middle East, which pressured the cryptocurrency market. Key technical levels, including the 100-day moving average at 73,017, were breached, exposing the next major support zone. This breakdown signals heightened bearish momentum and raises concerns about further downside risks.
The sharp sell-off highlights the sensitivity of crypto markets to macroeconomic factors like energy prices and geopolitical instability. Traders are now closely watching whether Bitcoin can stabilize near current levels or if the breakdown will trigger a broader selloff across digital assets. The 100DMA and psychological levels below 70,000 are critical for near-term support.
For investors, this development underscores the importance of monitoring cross-asset correlations, particularly between oil prices and crypto markets. With geopolitical tensions likely to persist, volatility in Bitcoin and other cryptocurrencies may remain elevated. Traders should also watch for potential rebounds from key support levels and signs of renewed buying interest.
