Bitcoin, is $78,000 a trap?..."Fall risk in one strong statement from Iran"

▲ Bitcoin (BTC)/ChatGPT generated image

Bitcoin (BTC) attempted to set a new high by breaking the $78,000 mark. However, strong statements from Iran poured cold water on the rally, and signs of a bull trap were observed.

According to the virtual asset specialized media CryptoPotato on April 18 (local time), Bitcoin faced strong resistance near $78,000 as geopolitical tensions in the Middle East escalated again. The Iranian government recently issued a strong statement indicating its ability to control energy export routes. The optimistic market sentiment, which had been formed through the mediation of US President Donald Trump, quickly turned into fear. Analysts warned that the current rally could be a bull trap, luring investors before plummeting prices.

Iran's remarks reignited tensions in the Strait of Hormuz, causing a significant shock to global financial markets. The virtual asset market saw a surge in volatility and turned bearish immediately after Iran's statement. After reaching $78,000, Bitcoin's price is under downward pressure as a large volume of profit-taking orders poured out. As the aversion to risky assets intensifies, Bitcoin's support level is being threatened. Investors are closely watching for any actual actions by Iran.

Technical indicators also warn of market overheating and support the possibility of further declines. While the Relative Strength Index (RSI) entered the overbought zone, a divergence phenomenon occurred where trading volume actually decreased. With open interest approaching an all-time high, the risk of a cascade liquidation due to leveraged positions has also increased. It is an unstable structure where the market could collapse even with a small external shock. Experts believe that if Bitcoin falls below $72,000, a full-fledged bear market will begin.

Geopolitical risks are factors that temporarily dampen the inflow of funds from institutional investors. Major stock index futures such as S&P also fell simultaneously, freezing overall investment sentiment. A strong preference for safe-haven assets was observed, with funds flowing out of the virtual asset market. It remains to be seen whether Bitcoin can demonstrate its defensive capabilities as digital gold. Volatile market conditions are expected to continue until global geopolitical uncertainties are resolved.

In the Bitcoin market, buyers and sellers are fiercely clashing over whether the $78,000 mark will be successfully breached. Despite President Trump's diplomatic efforts, the market's direction is likely to be determined by further statements from Iran or the level of military tension. Investors should respond promptly to real-time news and focus on risk management. Careful approach is necessary during this period of maximized volatility in virtual assets.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*