Bitcoin tumbled roughly 5% on Friday, slipping from $76,000 to a one-month low of $72,589, after news broke of renewed US military strikes against Iranian targets. The drop snapped a weeks-long consolidation and put the largest cryptocurrency back under the spotlight for traders watching geopolitical risk.
Support levels under pressure
Analyst Ali Martinez pointed to a major support zone between $73,000 and $71,300, a band that aligns with the 100-day simple moving average and the 23.6% Fibonacci retracement level. He said losing $71,300 could clear a path to $60,000. That's about 17% lower from Friday's session low — and a level not touched since early 2024.
Bitcoin had been grinding inside an ascending channel since early February, with resistance at $78,258 and support at $75,733. The break below that lower boundary now raises the risk of a retest of late March and early April lows, according to the channel analysis.
Patterns point lower
Trader Mister Crypto flagged a Head and Shoulders formation on Bitcoin's daily chart that has been building since mid-April. The neckline sits around $75,000. A breakdown below that pattern would target range lows near $63,000, he noted — not far from where Martinez's worst-case scenario lands.
Analyst Daan Crypto Trades saw a broader resemblance to January's price action. Bitcoin recently rejected the $80,000 level and the 200-day moving average, just as it did earlier in the year. He argued that this retest-and-rejection sequence suggests a lower high in the larger downtrend.
Timing isn't great
The slide comes at a moment when the broader macro mood had already been fragile. The US strikes add a fresh layer of uncertainty, and crypto tends to trade as a risk asset during such flare-ups. Whether it can hold the $71,300–$73,000 zone in the coming days will likely determine if the next stop is $60,000 or a recovery back toward $75,000.
