Bitcoin slipped below $75,000 at Wednesday’s Wall Street open, diverging sharply from US equities as news of a US-Iran peace memorandum of understanding lifted stocks to new all-time highs.
Iran deal lifts stocks, not bitcoin
The memorandum reportedly sets out a 60-day negotiation window for a lasting agreement, with a key provision being the reopening of the Strait of Hormuz — a critical oil shipping route.
US WTI crude dropped to as low as $87.77 per barrel, its lowest since April 22, while major stock indices surged.
The Kobeissi Letter noted on X:
“If a final deal is reached within 60 days, this agreement will be approved in the form of a binding UN Security Council resolution.”
Bitcoin, however, tracked oil lower rather than joining the equity rally — continuing a trend from recent weeks where it has moved in the opposite direction to US stocks.
Trader Daan Crypto Trades observed:
“$BTC indecisive whether to join stocks or commodities today.”
Traders eye $72K–$74K downside targets
With BTC/USD down roughly 1.2% on the day and testing week-to-date lows near $74,919, analysts were not optimistic.
Trading account CGT Trader pointed to a large liquidation cluster around $74,000 pulling price lower, adding:
“An upside sweep can’t be ruled out, but IMO continuation to the downside is still more likely.”
Commentator Exitpump described BTC price action as “weak and bearish,” flagging a potential drop toward $72,000.
Technical picture turns cloudy
Trading resource Material Indicators flagged an additional headwind:
A potential death cross involving the 21-day and 50-day simple moving averages.
Analyst Eric Coleman offered a more measured view, noting that bitcoin is retesting the top of an ascending triangle on the daily chart.
He concluded that as long as price holds above horizontal and trendline support, the broader trend remains bullish — though few other voices shared that optimism on Wednesday.
