Last night, because of the escalation of the situation in the Middle East, Iran said that it would blockade the Strait of Hormuz, and the Strait of Hormuz is also the lifeblood of the world's fourth-quarter crude oil and 30% liquefied natural gas. Tensions in the Middle East continued to drive up risk aversion, and investors sold risky assets, including cryptocurrencies, causing the currency market to fall generally. Bitcoin fell as low as $98,200, a drop of more than 6%, and Ethereum was even worse, falling by more than 13%. The market liquidity was already low over the weekend, and the U.S. stock market was closed, and the panic could only be concentrated in the crypto market, which led to an overshoot in Bitcoin. To put it bluntly, this sharp swing is essentially the fault of the lack of liquidity, and if it were a working day, the decline might not be so exaggerated. With the exception of the currency circle, other markets were stable, with S&P 500 futures opening down 1% before narrowing to 0.4%. Brent crude oil rose nearly 6% at one point, but the gains also gradually narrowed. Markets are now more concerned about Trump's tariffs, which resemble the tariff panic in February. If the situation in the Middle East eases, the market may rebound soon.

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From the data point of view, the support level of Bitcoin is still very stable at 96000-98500, and the 98000 line is not only a technical chip-intensive area, but also the average cost line of short-term holders. The pressure above is very heavy, probably concentrated in 103000-105200, and it will probably take more time to go up here. And yesterday it fell to 98200 and held up. As long as the situation in the Middle East does not get out of control further, the currency price can stabilize around 98,000. Yesterday MicroStrategy also released a bitcoin tracker, indicating that they are buying the bottom again, and short-term buying is still strong. Overall, the decline was mainly due to the bearishness of the conflict in the Middle East, and fears of further escalation of the conflict triggered risk aversion. The currency circle has fallen a little unjustly, and other markets have not fallen much, indicating that the currency circle is still too young and easy to be carried away by emotions. In terms of operation, it is also necessary to formulate a complete trading strategy and do a good job in risk control! #Gate广场创作者星火计划：入驻享每月超$10,000奖池# #Gate Alpha 第二届积分狂欢节# #ETH质押数量超3500万枚#