Bitcoin Crumbles Below $76,500 as US-Iran Tensions Escalate

Bitcoin's price fell below $76,500 on Wednesday as geopolitical tensions escalated between the US and Iran. The recent surge above $81,000 was repeatedly rejected by investors, with BTC failing to break through the $79,000 level multiple times. This has turned resistance into a clear ceiling, putting further pressure on Bitcoin.

The macro backdrop intensified the selloff, with Brent crude oil prices jumping above $93 per barrel and the 10-year Treasury yield moving towards 4.8%. The Nasdaq 100 futures fell 0.31%, S&P 500 futures slipped 0.11%, and the Dollar Index gained 0.13%.

Derivatives data shows bearish pressure without a dramatic leverage build, with shorts accounting for 51.5% of 24-hour taker flow. Bitcoin futures open interest remained around 700,000 BTC, well below this year's peak of 801,000 BTC.