Currently, the price of BTC is $64,000, and altcoins are mostly showing red numbers. The cryptocurrency market, in general, has suffered losses of more than 10%. What caused Bitcoin prices to drop rapidly and altcoins to be sold off intensely? What are the forecasts for the upcoming days?

The total market value of cryptocurrencies fell by 8.7% to $2.17 trillion, with Bitcoin reaching a low of $60,660 and Ethereum dropping by 10.6% in the last 24 hours. The market is experiencing a slight recovery at the moment.

The recent correction was triggered by the tension surrounding the attack on Iran's embassy in Syria by Israel. Following Iran's threats and subsequent missile and drone attacks on Israel, investors feared a potential war, leading to a substantial sell-off similar to the Russia-Ukraine conflict.

The US dollar has increased in value by 0.79% since April 12, as investors shift towards safer assets, causing Bitcoin and other risky assets to decline.

Due to liquidated positions worth $2.5 billion since April 12, both retail and professional traders have suffered significant losses. The market, previously buoyed by Bitcoin ETF entries and optimism surrounding Bitcoin Halving 2024, is now facing uncertainty.

From a technical standpoint, if Israel refrains from responding to the recent attacks, a relaxation of tensions is expected, which would benefit the crypto market. If the market manages to hold the lower trend line, a recovery towards the resistance area could lead to a 40% increase, pushing the total value to $3.1 trillion.