Bitcoin s Volatility: Risks of Falling Below 70,000

The current technical situation for Bitcoin remains tense. The asset has failed to hold above the 80,000 level and is still within an upward channel. If the key support around 73,800 74,000 is breached, further decline to around 70,800 is possible, stated Aleksandr Baryshnikov, head of the Mining Fund at Record Capital, on April 20.
Today, Bitcoin is trading at 74,300, having dropped from a peak of 78,333 reached on Friday, April 17.
said Baryshnikov. He explained that escalation in the Strait of Hormuz the seizure of the Iranian vessel Touska by the US Navy, drone strikes by the IRGC on American ships, and the renewed closure of the strait quickly reversed market sentiment.
According to Baryshnikov, Bitcoin s future dynamics will depend on the geopolitical situation and negotiations between the conflicting parties. If de-escalation occurs, the price may recover to 76,000 77,000 however, if the situation worsens, a drop below 70,000 is not ruled out.
He noted that the opening of the American trading session will be a key factor in determining the market s further movement and the reaction of institutional investors.