Bitcoin price slides as Israel bombs Syria
2025-07-16 13:27:32
Main Idea
Bitcoin (BTC) experienced a sharp pullback following news of a significant Israeli military strike in the Middle East, with reduced trading volume and market consolidation observed.
Key Points
1. Bitcoin (BTC) dropped from an intraday high of $119,020 to $118,593 after news of an Israeli airstrike on Syria's Ministry of Defense.
2. The 24-hour trading volume for BTC fell by 47.41% to $78.34 billion, indicating reduced bullish conviction post-geopolitical shock.
3. BTC's market cap remained at $2.35 trillion, still close to all-time highs despite the decline.
4. Historically, Bitcoin has been seen as a geopolitical hedge, but the current market reaction suggests consolidation.
5. Key technical support levels to watch include $116,500 and deeper demand zones near $114,000, aligning with late June breakout ranges.
Description
Bitcoin ( BTC ) pulled back sharply from its intraday high of $119,020 on Tuesday, July 16, after news broke of a significant Israeli military strike on the Syrian capital, Damascus. The cryptocurrency, which had been trading near record territory, dipped to $118,593, as the global market absorbed the implications of heightened geopolitical risk in the Middle East. Bitcoin price slides on latest news in Middle East. Source: CoinMarketCap The airstrike, broadcast live on Al Jazeera , targeted the...
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