Why did Bitcoin drop today? Oil prices surged 20%, and the Hormuz crisis dragged down the crypto market.
U.S. futures market oil prices surged to $113.7 due to Iran's threat to block the Strait of Hormuz, sparking global energy supply concerns, leading to Bitcoin's fourth consecutive decline to around $65,725. Risk aversion sentiment increased, coupled with rising energy costs suppressing risk appetite, prompting investors to withdraw. Bitcoin's technical support levels are between $62,000 and $64,000; if broken, further declines may occur.
MarketWhisper·03-09 01:00
