With the U.S. intervening in the Israel-Iran conflict, the prices of BTC, ETH, and XRP have fallen.

Gate News bot message, Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) prices hovered near key levels on Wednesday after falling the previous day. As concerns grow over the potential U.S. intervention in the escalating conflict between Israel and Iran, the cryptocurrency market has shifted towards safe-haven assets. These escalating geopolitical conflicts could trigger market risk aversion, suggesting that major digital assets may fall further.

FXStreet analyst Manish Chhetri stated that the price of Bitcoin has fallen significantly, dropping from an opening price of $110,274 on June 10 to a closing price of $105,671 on June 11, forming a fair value gap (FVG) around $108,064. This bearish FVG marks a key resistance area, which indicates that once Bitcoin gains liquidity, it is likely to continue its pullback.

On Monday, Bitcoin retested the FGV area and fell slightly, closing up 1.14% for the day. However, the next day it dropped 2.10% and retested the 50-day Exponential Moving Average (EMA), which is located around $103,070. As of Wednesday when this article was written, the price of Bitcoin hovered around $105,000.

If BTC continues to pull back and the daily closing price is below the 50-day EMA of $103,070, it may extend the downtrend and retest its key psychological level of $100,000.

The Relative Strength Index (RSI) momentum indicator on the daily chart has fallen below the neutral level of 50, indicating bearish momentum. The Moving Average Convergence Divergence (MACD) indicator on the daily chart showed a bearish crossover last week. This indicator also displays an ascending red histogram below the neutral level, indicating bearish momentum and supporting the downtrend.

On the contrary, if BTC recovers and closes above its FVG level of $108,064, it may continue its recovery momentum and re-test its historical high of $111,980 from May 22.

(Source: FXStreet)