BTC Fails at $68K After Latest War Moves, XRP Drops to Key Support: Market Watch

Bitcoin’s price tapped a five-day high earlier this morning at $68,400, only to be rejected and driven south by almost two grand in hours after the latest controversial developments on the Middle East war front.

Most altcoins have followed suit, dropping by 2-3% in the past day. HYPE and XRP have dropped the most from the top 25 alts.

BTC Down Again

Bitcoin challenged the $72,000 resistance on a couple of occasions during the previous business week, but to no avail. The second failed attempt took place on Wednesday morning, but the bears were quick to intervene and began a gradual correction that drove BT south to $69,000 on Thursday.

Another, more painful decline took place on Friday when the cryptocurrency fell to $65,600, dragging the overall market sentiment back to extreme fear levels.

After a quiet weekend in which it traded above $66,000, BTC dipped once again on Monday morning to a new monthly low of just under $65,000, where it found support and jumped to $68,000. More volatility ensued, with another drop to $66,300 and a surge to $68,400 earlier this morning, before the bears stepped up again and bitcoin now struggles below $67,000.

These fluctuations transpired as different reports claimed that Trump might consider ending the war even with the Strait of Hormuz closed, while others suggested that several countries in the region are still pushing him to continue attacking Iran.

XRP Dips Again

Although it’s down by over 1% in the past day, ETH continues to trade above $2,000 after it reclaimed that level earlier this week. BNB has slipped below $610 after a 2% decline, while XRP’s 3.4% drop has pushed it toward a key support level at $1.30. The asset is down by over 7% in the past week alone, and now trails further behind BNB in terms of market cap placement.

SOL, ADA, CC, XLM, and RAIN are also deep in the red from the larger-caps, while HYPE and HBAR have dropped by more than 5% daily. Bitcoin Cash and ZEC are among the few exceptions posting modest gains.

The total crypto market cap has shed over $30 billion daily and is down to $2.380 trillion on CG.

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