In the last 24 hours, the price of Bitcoin fell 6%, trading at $65,703. Market analysts suggest that this decline is due to a sell-off triggered by rising tensions in the Middle East, which pushed investors toward risk aversion. Reports on the events reveal that conflicts in the Strait of Hormuz threaten oil supplies, fueling fears of inflation and uncertainty regarding Federal Reserve interest rates.
The immediate impact caused intense pressure on the derivatives market. More than $102 million in Bitcoin long positions were liquidated in 24 hours, adding to the nearly $3.9 billion liquidated over the last month. This scenario is aggravated by a decrease in on-chain activity; active network addresses have fallen by 30% from early August 2025 to late March 2026, indicating lower support in current demand.
Bitcoin is currently at a key technical support between $65,000 and $66,000, with the formation of a bearish “rising wedge” pattern on daily charts. Analyst Peter Brandt suggests that if this zone is lost on a weekly close, the next major support structure could sit around $49,000. The market is cautiously watching to see if the cryptocurrency manages to stabilize at these critical levels or if the liquidation continues toward lower targets.
Source:https://x.com/PeterLBrandt/status/2037512684825104818
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