Bitcoin falls below $99K amid Middle East tensions; Altcoins drop up to 4%
Bitcoin
briefly slipped below the $99,000 mark early Monday, pressured by escalating tensions in the Middle East and broad risk-off sentiment across financial markets.
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.
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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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Solana
11,657 (
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Bitcoin
8,843,545 (
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195,976 (
-0.44%
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54,142 (
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176 (
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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.
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'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.'
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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.'
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From thrill to trust: How Gen-Z is redefining crypto investing in India
Investors 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
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