• 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

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. 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Three Arrows Capital demands $1.5B increase in the FTX lawsuit

Three Arrows Capital demands $1.5B increase in the FTX lawsuit

Liquidators managing Three Arrows Capital's (3AC) bankruptcy have filed a motion to raise their claim against FTX from $120 million to $1.53 billion. Bloomberg reports that FTX allegedly liquidated and seized around $1.33 billion in assets from the hedge fund to settle debts just two weeks before 3AC’s collapse. 

More Cryptocurrencies News
Missing crypto influencer Kevin Mirshahi found dead in Montreal Park

Missing crypto influencer Kevin Mirshahi found dead in Montreal Park

Authorities report that the remains of Kevin Mirshahi, a prominent crypto influencer who was abducted in June, have been found in a Montreal park. Local police informed “The Gazette” that a passerby found the grim discovery on October 30 in Île-de-la-Visitation Park. 

More Cryptocurrencies News
XRP struggles near $0.7440, could still sustain rally after Robinhood listing

XRP struggles near $0.7440, could still sustain rally after Robinhood listing

Ripple's XRP open interest has declined by over 10% in the past 24 hours. Robinhood's listing of XRP could serve as a catalyst for renewed demand. XRP continues to struggle near historically strong resistance after sustaining another rejection at $0.7440.

More Ripple News
Dogecoin price forecast: Miners offload $240M as DOGE approaches risk zone

Dogecoin price forecast: Miners offload $240M as DOGE approaches risk zone

After reaching a three-year peak of $0.43 on November 12, Dogecoin price wobbled 13% to find support at the $0.38 level on Wednesday. Miners capitalized on Trump’s recent D.O.G.E confirmation statement to offload 620 million DOGE in the last three days.

More Dogecoin News
Bitcoin: Further upside likely after hitting new all-time high

Bitcoin: Further upside likely after hitting new all-time high

Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP