Cryptocurrency analysts name the reason for the prolonged fall of major digital tokens

Cryptocurrency market strategists note: Bitcoin BTC $98,566.84 Bitcoin -0.56% Market capitalization $1.95 trillion VOL. 24 hours $3.87 billion , Ethereum ETH $3,339.96 Bridged Ether (StarkGate) -0.73% Market capitalization $0.28 billion VOL. 24 hours $1.9 billion , and Dogecoin DOGE $0.24 Department Of Government Efficiency 17.74% Market capitalization $0.24 billion VOL. 24 hours $3.43 billion continue to trade in the red due to geopolitical tensions caused by the conflict between Iran and Israel.

Thus, Bitcoin fluctuated between $ 60,000 and $ 62,000 throughout the day, hitting an almost two-week low after the Iranian missile strike and Israel’s promise to retaliate. The price of Ethereum dropped below $ 2,400, showing a more than 7% drop for the week, while Bitcoin lost 3.18% during this period. Dogecoin also experienced a decline, down 1.73%.

Over the past 24 hours, liquidations on the crypto market reached $ 243.36 million, of which $ 181.22 million were long positions. Despite this, the funding rate of the market’s flagship on top exchanges such as Binance, Bybit, and OKX remained positive, indicating the predominance of bullish traders. The cryptocurrency market’s Fear and Greed Index remained in the «fear» zone at 36, indicating investor caution.

Nevertheless, some analysts are still optimistic. Popular trader Michael van de Poppe noted that he remained long despite fears of war. Another investor, Crypto Yapper, believes that such falls are «unique buying opportunities.» However, analyst Ali Martinez warned that Bitcoin could fall to $ 52,000 if the current downward trend continues.