Bitcoin Loses Key SMA Support as Fresh US Strikes on Iran Lift Oil Prices, Fuel Risk-Off Sentiment

Bitcoin is down by 1.4% today, June 1, to trade at $72,700 at the time of writing. This drop comes after the US bombed military sites in Iran, and Iran retaliated by bombing a US air base, causing people to start selling because of panic. Bitcoin has now moved below the support at the 100 SMA with a reading of $73,200, but the oil price did not follow BTC, and it instead went from $88 to $90.

Traders have also removed $545 million in Bitcoin from exchanges in the three days leading up to May 31. Santiment data also shows that daily addresses dropped to 606,730.

Oil Prices Surge as Bitcoin Falls On US-Iran Escalation

CoinGape reported that the US bombed Iran over the weekend, and that made oil prices go up by 3.62%.

But these fresh tensions led traders to start selling Bitcoin on Monday during the Asian trading session, and $23 million was wiped out within four hours per Coinglass.

President Trump has said that Iran “really wants to make a deal,” and that might prevent more panic after $240 million worth of Bitcoin was added to exchanges when these bombings were going on over the weekend, causing selling pressure to increase, and the price moved below $73,000.

But Santiment shows that the seven-day average of Bitcoin’s active addresses reached 606,730 last week. The active user count also fell from 575,610 on May 30 to 465,800 on May 31, as the demand for BTC dries up.

These drops show that people are selling when there are no buyers who can absorb these coins, and that is making Bitcoin remain under the grip of bears.

BTC Loses Key SMA Support as Price Remains in Bearish Range

Bitcoin has moved below the 100-day SMA reading of $73,229 at the time of writing. Bulls have been defending this 100-day SMA support since May 28. The last time that Bitcoin moved below this SMA was in October 2025, and the price later dropped from $112,000 to $103,500.

A recent CoinGape Bitcoin price analysis also detected a bear flag with a height of 6%, suggesting the price might go down to $68,000 if support fails to hold.

The MACD line that is negative is still tipping south, suggesting that bears have a good grip. Bitcoin needs this 100-day SMA support of $73,229 to hold to avoid a pull to the psychological support of $70,000.

Analyst Daan Crypto also says Bitcoin remains in a trap between $74,200 and $72,700 as bears tighten their grip. If it escapes the trap, it faces the next obstacle at $77,295, which will determine the next step in a long-term Bitcoin price forecast.

BTC Futures Divergence Signals Cautious Optimism

Analyst Joao Wedson on X has noted that there is extreme leverage on Bitcoin. That means Bitcoin is vulnerable to liquidations if the price does not move according to how traders have positioned themselves.

Joao warned that the next phase might be deleveraging and that might come from long traders because the weighted funding has been green for two weeks, showing that longs are stockpiling their positions even after the price went from $82,000 to $72,000.