Bitcoin price collapses as Putin declares war on Ukraine and explosions reported in Kyiv
|- Bitcoin price has significantly declined following media reports of explosions in Ukraine.
- In the past 24 hours, the total cryptocurrency market capitalization has declined by 5%.
- Bitcoin price plummeted below $35,000, dropping into bearish territory as US stock markets follows suit.
Russia recently announced that it would launch military action in Ukraine. Several media reports have noted that explosions were heard in Kyiv, the capital of Ukraine. Bitcoin price has dropped below $35,000, in tandem with the stock markets in the United States.
Bitcoin price slumps as tensions rise
Bitcoin price witnessed a sharp decline after Russian President Vladimir Putin officially announced a “special military operation” to complete the “demilitarization” of Ukraine.
Media outlets have reported explosions in the capital of Kyiv after Putin declared war on Ukraine. There have also been reports of a series of blasts heard in the city of Kharkiv, around 480 km to the east of the Ukrainian capital.
The total cryptocurrency market capitalization has fallen nearly 5% in the past 24 hours. US stock markets have tumbled, with the Dow Jones Industrial Average plummeting 1.38%.
Bitcoin price dropped 7% in the past 12 hours to under $35,000, falling below the lower boundary of the symmetrical triangle pattern at $36,673, putting a further 32% collapse toward $25,039 on the radar.
Bitcoin price may fall toward the nearest level of support at the January 22 low at $34,056, before dropping toward the June 27 low at $31,973.
BTC/USDT daily chart
Additional lines of defense may emerge at the June 26 low at $30,151 before reaching the 127.2% Fibonacci extension level at $27,652.
However, if buying pressure increases, Bitcoin bulls may attempt to reach the lower boundary of the prevailing chart pattern at $36,930, coinciding with the 78.6% Fibonacci retracement level next.
Bigger aspirations will target the 50-day Simple Moving Average (SMA) at $40,138 next.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.