Bitcoin Price Drops as US-Iran Tensions Rise Again
Bitcoin's price dropped below $84,000 on Monday as renewed US-Iran tensions put pressure on risk assets. The move comes after a strong week for Bitcoin, which had pushed above $87,000 last week.
The recent surge in geopolitical risk was triggered by the rejection of Iran's seven-day Hormuz proposal, which aimed to reopen the Strait of Hormuz and pause fighting before negotiations on unresolved issues.
US President Donald Trump rejected the plan, saying that Iran cannot have a nuclear weapon. The move has sent oil markets into a tailspin, with WTI crude futures trading above $93 during Monday's early session.
Despite the pullback, Bitcoin remains well above its mid-September lows near $75,000-$77,000, and its MFI stands at 59.35, indicating positive buying pressure. However, the KST indicator has moved lower from its September peaks, showing that momentum has cooled.