"Iran's military shut the strait again, citing the U.S. naval blockade on Iranian ports that was never lifted. Then Bitcoin dropped to $76K afterwards."
"None of these rallies, including Friday's, has had real buying behind it. A real rally has people actually wanting to buy in-traders taking long positions because they believe the price is going up."
"The ceasefire expires Wednesday April 22, and there's no deal on the table right now. Iran has rejected a second round of talks, and Trump has threatened to target Iranian civilian infrastructure if no deal gets done."
"If the fighting resumes and oil prices hit over $100 again, the whole market will get hit. Bitcoin has held $70K through every escalation since February, but this time it would be dealing with a broken ceasefire and collapsed talks."
Iran's military closed the Strait of Hormuz again shortly after reopening it, leading to a drop in Bitcoin's price to $76K. The recent Bitcoin rally lacked genuine buying interest, as traders were forced to close losing positions rather than actively buying. With the ceasefire expiring and no new deal in sight, Bitcoin's future is uncertain. If fighting resumes and oil prices rise, Bitcoin could potentially drop to $65K, reflecting the market's vulnerability to geopolitical developments.
Read at 24/7 Wall St.
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