The cryptocurrency market is experiencing increased volatility, with Bitcoin falling to the $62,000 price level. The original cryptocurrency faced substantial resistance at the $64,000 level before the latest price dip. CoinGecko’s Bitcoin data shows that BTC’s price has dipped by 2.1% in the last 24 hours. Bitcoin’s (BTC) price correction comes after the US launched fresh military strikes against Iran. Let’s discuss if BTC has found some support at current price levels, or if it will dip further.

Will Bitcoin Fall Further, Or Will It Stabilize?

Bitcoin (BTC) has some support just below the $62,000 price level. It has fallen to somewhere between $61,600 and $61,700 on three occasions in the last week. If Bitcoin (BTC) cannot maintain its current price level, we could see a correction to the $58,000 mark.

Bitcoin’s (BTC) price is hinged on the ongoing war between the US and Iran. The two countries have been at it since February of this year. There was some hope of a peace deal in April and June, but so far no deal has been finalized. With the US launching fresh attacks on Iran, the possibility of peace between the two nations has significantly diminished.

Oil prices have risen following the re-escalation in the Middle East conflict. The development will likely put additional pressure on the already strained economy. The chances of an interest rate hike by the Federal Reserve has increased following the surge in oil prices. The anticipation of higher rates may lead to further price dips for Bitcoin (BTC). Investors often take less risk when interest rates are high. If rates are hiked further, we may see a mass exodus of investors from the cryptocurrency market.

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Given the bearish market environment, chances are high that Bitcoin (BTC) may see further price dips in the coming days. A ceasefire between the US and Iran, however, could bring some relief to the market.