"The price of Bitcoin dropped nearly 4% within hours after Trump's April 1 address, sliding to below $66,000 early April 2. The decline came as investors shifted away from risk assets following remarks that pointed to harder strikes in the coming weeks, with no timeline for de-escalation."
"Data shows the 30-day correlation between Bitcoin price and the S&P 500 has climbed to around 0.75, indicating that institutional investors are treating the digital asset more like a high-growth technology proxy than a hedge."
"Bitcoin is now approaching a key support range between $64,000 and $65,000. The level has held through several recent tests, but a break below it could open the door to a move toward $60,000, near the February low."
Bitcoin's price dropped nearly 4% following President Trump's address regarding military action against Iran, falling below $66,000. This decline coincided with a broader market pullback, as investors moved away from risk assets. The correlation between Bitcoin and the S&P 500 has increased, indicating that institutional investors view Bitcoin as a high-growth technology asset rather than a hedge. Bitcoin is nearing a critical support range of $64,000 to $65,000, with potential downside risks if this level is breached, while resistance levels are identified at $68,000 and $70,000.
Read at Bitcoin Magazine
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