Key Insights:
Bitcoin price could be on the verge of sliding below $75,000 as tensions rise around the Iran conflict.
Bitcoin spot volumes remain heavily subdued, down 81% from October last year.
BTC funding rates are rising, but how will this impact price action?
Bitcoin price may be at risk of closing May in the red, potentially breaking its monthly recovery attempts. This is despite previous optimism in its performance amid what appeared to be a healthy accumulation earlier this month.
Bitcoin price demand has been cooling off since the second week of May. This paved the way for some profit-taking, which led to sub $80,000 prices. BTC price faced further sell pressure in the last 24 hours.
For context, Bitcoin price exchanged hands at $75,809 at press time. It also risked dropping below $75,000, an outcome that could trigger further price weakness.
Bitcoin price action | Source: TradingView
Iran tensions had a significant impact on BTC crypto price action. In fact,
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