- Market sentiment has declined as the US-Iran war continues:

The war in the Middle East is still casting a shadow over global markets, as oil prices remain high above 103 dollars for West Texas Intermediate crude. US President Donald Trump warned of the possibility of escalating the war if Iran fails to reach an agreement or does not open the Strait of Hormuz by 8 p.m. Eastern US time on Tuesday. The strait is a vital shipping route, controlling 20% of the world’s oil and gas supplies.

Trump said the US Army could strike Iranian energy infrastructure and bridges if the Strait of Hormuz is not opened before the deadline.

Meanwhile, bearish sentiment remains dominant in the cryptocurrency market since the start of the war in late February. The Fear & Greed Index stayed at 11 on Monday and Tuesday, indicating a state of extreme fear. According to data from “Alternative,” the index fell from 14 on average last week, but rose slightly above 10 recorded in March.

Crypto Fear & Greed Index | Source: Alternative

The level of extreme fear suggests that investors are still tense and unwilling to increase risk exposure, ultimately reducing the purchasing power needed to sustain rising prices.

Today’s chart: Bitcoin’s price increase remains capped below $70,000.

Bitcoin (BTC) is currently trading below the $69,000 level, with support at $68,000. Despite recent gains that moved above $70,000, the near-term trend is only slightly bullish after Bitcoin regained strength above the mid-60s. The Moving Average Convergence Divergence (MACD) remains above the signal line on the daily chart; with an improving chart, this indicates a recovery in bullish momentum.

Meanwhile, the Relative Strength Index (RSI) is hovering just below the 50 level, suggesting slight stabilization in the trend and leaving room for fluctuations as the price holds below its recent highs. At the same time, Bitcoin’s position below the 50-, 100-, and 200-day exponential moving averages (EMA) indicates sellers are in control.

Daily chart for the BTC/USDT pair

The immediate support level for Bitcoin is near $68,000, aligning with the most recent low and the previous rebound zone, followed by a deeper support level around $66,000, where demand was seen during prior declines. Breaking this last level would move price toward the $65,000 area, where buyers are expected to defend the overall bullish structure.
On the upside, the initial resistance lies near $70,000 before the $71,000 zone, and both levels have capped gains during previous sessions. A daily close above $71,000 would open the way toward the $72,800 - $74,900 range, where the downward resistance line from the $126,199 zone previously capped earlier advances—where supply could reappear.
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