As of 11:59 am IST, Bitcoin was down 1% at $101,913 after hitting an intraday low of $98,286. Ethereum dropped 2% to $2,246. The global crypto market cap fell 1.18% to $3.12 trillion, according to CoinMarketCap.
Altcoins also declined sharply: XRP fell 3%, BNB 2%, Solana 1.5%, Tron 2%, Dogecoin 2%, Cardano 1.5%, while Sui, Stellar, Toncoin, and Shiba Inu lost between 1.5% and 4%.
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The fall comes after the U.S. launched strikes on Iranian nuclear sites over the weekend, heightening fears of retaliation and energy supply disruption.“Bitcoin briefly went below $99,000 in reaction to the escalation of the conflict between the US and Iran,” said Vikram Subburaj, CEO of Giottus Crypto Platform. “If tensions escalate, Bitcoin could test $92,000, where it may find a local bottom.”
CoinSwitch Markets Desk added that Bitcoin broke below the $100K mark over the weekend and took support near $98.2K. “If the Strait of Hormuz is closed, Bitcoin could dip further. Key support lies in the $94K–$98K range. However, if the situation de-escalates, BTC’s chart is forming an inverse head and shoulders pattern that could signal a move towards $135K.”Also Read: From thrill to trust: How Gen-Z is redefining crypto investing in IndiaInvestors are also watching the U.S. Federal Reserve closely amid concerns that rising oil prices could delay interest rate cuts. Fed Governor Christopher Waller recently backed a July cut, but most policymakers remain cautious, with a September move seen as more likely. Fed Chair Jerome Powell is set to testify this week.
“The geopolitical risks and a hawkish Fed are keeping market volatility elevated,” said Shivam Thakral, CEO of BuyUcoin. “Bitcoin is holding above $100K, but the support is weak due to sustained selling pressure.”
Despite the fall, some market participants see signs of accumulation. “Bitcoin is on a recovery path, rebounding nearly 3% from weekend lows,” said Edul Patel, co-founder and CEO of Mudrex. “On-chain data shows long-term holders stepping in while short-term sellers retreat — a pattern historically seen near market bottoms.”
Sathvik Vishwanath, CEO of Unocoin, noted that Bitcoin dropped from $111.8K to ~$98.5K, wiping out $80 billion in market cap and triggering a liquidation of over $750 million in long positions.
“BTC has entered a demand zone near $98K. A daily close below $97.8K could extend losses to $92.5K. But a bounce above $101K may trigger a move towards $105K–$107.6K,” he said.
Also Read: XRP could hit $5 by 2025, Solana eyes $300: Bitget analyst explains what’s driving the rally
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)