$BTC Bitcoin Price Tanked to $68K as Trump Threatened to ‘Obliterate’ Iran’s Power Plants
After a relatively stable Saturday, in which BTC remained above $70,000, the asset’s price moves took a turn for the worse during the night, dropping toward $68,000 for the first time since March 9.
This sudden drop came as US President Trump issued a stark threat to Iran if it fails to reopen the Strait of Hormuz.
$BTC Bitcoin Holds As Gold Posts Worst Week Since 1983 Amid Iran War
Bitcoin has risen more than 11% to around $70,650. Gold, meanwhile, has shed over 12% from its peak. Reports indicate the cryptocurrency has held up better than expected under the pressure of a widening war — a performance that has drawn attention in financial markets still trying to make sense of the conflict’s economic fallout.
Gold’s losses accelerated this week. The metal dropped 3.4% on Friday alone, closing around $4,480 per ounce. For the full week of March 16-20, the decline reached 10% — the steepest weekly fall since 1983, according to data confirmed by TradingView.
It surpassed even the sharp drop seen in late January, when gold shed hundreds of dollars in a matter of days and wiped out more than $2 trillion in market value within weeks of hitting $5,500 per ounce.
In crypto trading, a bear trap is a technical pattern that tricks traders into believing an asset’s price is about to drop significantly, prompting them to open short positions (betting against the asset). Instead, the price reverses sharply to the upside, forcing those who shorted to "cover" (buy back) their positions, which often fuels the upward move even further.
How a Bear Trap Works
1. Downtrend or Breakdown: A cryptocurrency’s price breaks below a key support level (e.g., a previous low, a trendline, or a moving average) on high or moderate volume. 2. The Trap is Set: This breakdown looks like a genuine reversal. Short sellers enter, expecting further downward momentum. Stop-losses for long holders are triggered, adding to the selling pressure. 3. Reversal: Instead of continuing downward, the price stalls, forms a bottom, and then rapidly reverses course, breaking back above the support level it just fell below. 4. The Squeeze: Short sellers, now facing losses, rush to buy back the asset to close their positions. This "short squeeze" creates immense buying pressure, accelerating the price increase.
On the daily chart, BTC remains inside the broader descending trendline and beneath both the 100-day and 200-day moving averages, located around the $80k and $92k levels, respectively. So, the larger trend has not fully turned in favor of the buyers yet. At the same time, the price has clearly improved from the lows and is now trading back above the local compression zone, which keeps the short-term recovery intact.
The main barrier remains the $75k to $80k area, which is acting as the first serious supply zone overhead. A clean reclaim of that region would strengthen the case for a broader trend repair and shift attention toward the next higher resistance cluster at $100k. Until that happens, though, Bitcoin is still technically rallying inside a wider corrective structure, with the $60k area remaining the key support floor on any deeper pullback.
$BCH Bitcoin Cash: The Key Buy Signal BCH Traders Can’t Afford to Ignore
Currently, market data shows that Bitcoin Cash’s operating range extends from $272 to $684. The price is struggling to reclaim the range’s midpoint at $478, a vital psychological barrier to confirm buyer strength against bearish pressure.
The evolution of Bitcoin will play a decisive role. After successfully defending the $70,000 level, the pioneer cryptocurrency could provide the necessary momentum for BCH to aim for the $570 mark. To validate this scenario, it is essential for buying volume to exceed the 20-day moving average.
In summary, although challenges persist on longer timeframes, the defense of the $440 support and the recent “bullish flip” offer a window of opportunity for swing traders. If the price falls below $440, the bullish thesis would be invalidated.
$TAO Bittensor (TAO) Price climbed above $300 on Friday, marking its highest level since January this year. The token advanced more than 20% over the past 24-hours following remarks from Nvidia CEO Jensen Huang. #BTC
His comments referenced decentralized artificial intelligence training connected to the Bittensor network. Investors quickly responded, driving sharp momentum across major trading platforms worldwide. #OpenAIPlansDesktopSuperapp #TAO