Bitcoin is down as renewed U.S. strikes on Iran and heavy spot ETF outflows triggered broad risk-off selling across crypto markets.

Notable Statistics:

• Coinglass data shows 172,398 traders were liquidated in the past 24 hours for $910 million.       
• SoSoValue data shows net outflows of $733.4 million from spot Bitcoin ETFs on Wednesday. Spot Ethereum ETFs saw net outflows of $67.2 million.
• In the past 24 hours, top gainers include Stellar, Hedera and Sei.

Notable Developments:

Trader Notes:

Crypto analyst Ali Martinez said Bitcoin has entered a critical support zone between $73,000 and $71,300.

The area lines up with:

• The lower boundary of Bitcoin’s ascending channel
• The 100-day simple moving average
• The 23.6% Fibonacci retracement level

According to Martinez, holding this range could fuel a rebound toward $77,000-$79,500.

However, a breakdown below $71,300 may trigger a larger liquidation cascade and open the door for a deeper correction toward the February base near $60,000.

Technical analyst CryptoCon warned Bitcoin may be nearing a decisive breakdown after completing what he described as a “clean retest” of a 110-day bear flag structure.

The analyst noted the pattern marks Bitcoin’s longest bear flag formation since November 2021. Price action could still move lower after BTC failed to reclaim the upper boundary of the flag during its second major retest.

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