US President Donald Trump’s mixed signals regarding a possible deal with Iran to reopen the Strait of Hormuz caused crypto markets to rise %2,5, increasing total market capitalization by 70 billion dollars to 2,44 trillion dollars, its 11-day high. Bitcoin touched 69.500 dollars on Coinbase. In the last 24 hours, 255 million dollars in liquidations occurred, %73 of which were short positions. Trump threatened Iran with a profane post on Truth Social, stating that if the strait is not opened by Tuesday, the US will strike Iran’s power plants and bridges. However, in a Fox News interview, he stated that Iran is negotiating and they have good chances for a deal within 24 hours. According to Axios, the US, Iran, and regional mediators are discussing 45-day ceasefire terms.
The war in the Middle East lasting more than a month and the closure of the Strait of Hormuz pushed oil prices to 112 dollars per barrel, increasing inflation pressure. Americans have been spending an extra 240 million dollars per day on fuel since the war. This geopolitical tension increased demand for BTC detailed analysis, breaking the sideways trend upwards.
Source: Truth Social
BTC Technical Analysis: Critical Support and Resistance Levels
- Price: $68,973.10 (+2.70% 24h)
- RSI: 51.19 (neutral)
- Trend: Sideways, Supertrend Bearish
- Supports:
- S1: $68,944.59 (⭐ Strong, -0.25% distance)
- S2: $67,294 (Medium)
- Resistances:
- R1: $69,205 (⭐ Strong, +0.13% distance)
- R2: $83,437 (⭐ Strong, +20.72% distance)
EMA 20: $68,491. In the short term, a break of R1 could explode BTC futures volume.
Why Did Bitcoin Rise? Trump Effect
Hormuz tension triggered risk-off assets; BTC jumped %2.7 as a safe haven. Short liquidations accelerated the rally. Oil inflation increased Fed rate cut expectations, attracting flows to crypto.
Frequently Asked Questions About BTC
- How did Trump’s Iran threat affect BTC? Mixed signals created a short squeeze, carrying it to 69.500$.
- Where is the strongest support for BTC? $68,944 (84/100 score).
- What happens to BTC if Hormuz opens? Downside risk increases, but RSI neutral holds.
Source: https://en.coinotag.com/trumps-iran-threat-pushes-btc-to-69500
