Bitcoin slipped to one-week lows on Tuesday as renewed oil-supply fears rattled global markets, dragging BTC below $76,000 alongside a weaker open on Wall Street.
Hormuz blockade sends oil back to $100
WTI crude oil climbed back to $100 per barrel as the Strait of Hormuz blockade continued with no resolution in sight.
President Trump offered little clarity on the standoff, posting on Truth Social:
“Iran has just informed us that they are in a ‘State of Collapse.’ They want us to ‘Open the Hormuz Strait,’ as soon as possible, as they try to figure out their leadership situation (Which I believe they will be able to do!).”
Trading resource The Kobeissi Letter warned that the situation is far from over, predicting that “Asia’s energy crisis will soon intensify even further” as Iran rapidly runs out of oil storage capacity.
Onchain analytics platform Glassnode also weighed in, telling its followers:
“Disruptions in the Strait of Hormuz persist due to stalled US-Iran talks, tightening supply and spooking markets across the board.”
Breakout hopes fade ahead of monthly close
The bitcoin price pullback came just as bulls had managed to reclaim a key resistance trend line on the weekly chart, raising hopes of a push toward $80,000.
Instead, two recent visits to $73,000 left traders cautious about declaring a double bottom too early.
Material Indicators noted the hesitation, stating:
“So far, $BTC bulls aren’t showing much enthusiasm for a robust double bottom bounce. Expecting to see volatility increase as we move to and through the monthly close.”
Order-book data showed only the largest class of investors — whales — stepping in to buy at current levels, with smaller participants staying on the sidelines.
Bulls still need to prove themselves
Trader Daan Crypto Trades acknowledged the effort from bulls but stressed that confirmation is still needed.
