Bitcoin Price Resists $76K Dip as Analyst Flags Next Buy Zone at $74K

Key Takeaways

• On Sept. 2, bitcoin dipped near $76,000 as U.S. strikes on Iran sparked market volatility.
• Coinglass recorded $91 million in bitcoin long liquidations as price swings punished bullish bets.
• Analyst Michaël van de Poppe eyes $74,000 as a key potential buying entry if bitcoin fails to hold $76,200.

Volatile Recovery Interrupted by Geopolitical Friction

On Sept. 2, bitcoin appeared to recover from a sell-off sparked by renewed U.S. strikes on Iran that upended its recovery and sent it tumbling toward the $76,000 mark. However, the recovery was marked by high volatility, with the price swinging from an intraday high jump of over $78,000 to a daily low of $76,229.

Data showed the price fell sharply just minutes after reclaiming $78,000 when the U.S. military said it had struck positions inside Iran, leading to retaliatory strikes by the Islamic Revolutionary Guard Corps (IRGC). The military exchange also sent U.S. stocks plummeting and oil prices soaring, with Brent crude briefly topping $95 per barrel.

Hours after the strikes, bitcoin’s price appeared to recover as it reclaimed $77,000 in support, but it stalled after reaching $77,500 around 8 p.m. EST on Tuesday. Another recovery attempt saw the cryptocurrency again reach $77,500 before selling pressure sent it to its daily low. Bitcoin was hovering above $77,200 after rallying from just under $76,300. This price level left bitcoin with a daily loss of 0.8% and dragged its market cap down to $1.55 trillion.