"Bitcoin's price surged quickly after the announcement of the blockade, with millions in short positions liquidated as buyers entered the market at support near $70,000."
"The Strait of Hormuz is a critical passage for global oil shipments, and the geopolitical tensions initially pressured risk assets before traders shifted toward Bitcoin."
"The price action tested the upper boundary of Bitcoin's two-month consolidation range, which has held between $65,000 and $75,000 since February."
"Institutional buying through spot Bitcoin ETFs has seen renewed inflows, providing additional demand beneath the leverage-driven price movements."
On April 13, 2026, Bitcoin approached $75,000 as traders liquidated short positions following President Trump's blockade of the Strait of Hormuz. The price rose from a low of $70,741 to highs above $74,900. This movement tested the upper boundary of a two-month consolidation range. Analysts set near-term targets between $75,000 and $80,000, although risks from pre-April 15 tax selling and inflation fears remain. Spot Bitcoin ETFs have also seen increased inflows, contributing to demand.
Read at news.bitcoin.com
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