Kamal Ghorui
With the Middle East conflict now stretching into its fourth week, the impact is rippling across global markets, triggering a fresh wave of selling in cryptocurrencies and pulling Bitcoin below the $70,000 mark. Bitcoin fell to around $68,000 and was hovering near $68,627 after about $243 million in rapid liquidations hit the market, with most losses coming from long positions. The broader crypto space also saw declines. Ethereum dropped 2%, while Bitcoin eased 0.9% over the past 24 hours. Among altcoins, BNB, XRP, Solana, Dogecoin, Hyperliquid and Cardano declined by up to 2%, while TRON managed a marginal gain of 0.3%.However, even as prices soften, market positioning indicates that investors are still eyeing higher levels, with call interest concentrated near $75,000 and $80,000, and a support base forming around $60,000. According to the CoinSwitch, macroeconomic pressures, including elevated oil prices and reduced expectations of US rate cuts, continue to weigh on both equities and digital assets. The desk added that short-term volatility is likely to persist, especially as weekend trading typically sees thinner liquidity, with clearer trends expected once full participation returns during the week. The total crypto market capitalisation slipped by 1% to $2.35 trillion, data from CoinMarketCap showed. Over the past week, Ethereum has declined 8.5%, while Bitcoin has fallen 7%. Among altcoins, BNB, XRP, Solana, Dogecoin and Cardano have dropped by as much as 11%, whereas TRON and Hyperliquid have risen 4% and 0.5% respectively.Here’s what analysts are projecting Riya Sehgal, as cited by ET, said that the market is currently in a cautious consolidation phase amid macro uncertainty. She highlighted that Bitcoin is holding support near $66,000–$67,000, while Ethereum is testing the $2,000 level, pointing to a fragile near-term structure. Vikram Subburaj, CEO at Giottus told the financial daily that the market remains confined to a narrow range and continues to be driven more by oil prices, interest rates and geopolitical developments than by internal crypto dynamics. He added that unless Bitcoin moves back above $70,000–$72,000 with stronger participation and steady ETF demand, the current rebound should be treated with caution.
