Bitcoin Support at Risk as Tensions Rise in Strait of Hormuz
Bitcoin pulled back to $83,000 after US President Donald Trump rejected Iran's ceasefire proposal over the weekend. This decision reignited risk aversion across markets and put the key $80,000 support level in traders' crosshairs.
The Strait of Hormuz accounts for a significant share of global oil transit, with 13 million barrels per day passing through it according to Fortune. The US military is escorting tankers in broad daylight, indicating that tensions remain elevated despite the absence of open conflict. This has weighed on risk assets, including Bitcoin.
Against this backdrop, BTC had been trading around $84,400 throughout the weekend before selling pressure kicked in at the Asian open on Monday. September's uptrend remains intact on a weekly basis (+1.9%), but momentum is weakening as macro uncertainty takes hold.