Bitcoin nears $62K as Trump vows US takeover of Hormuz Strait
US-Iran tensions trigger risk asset sell-off across global markets
1Bitcoin's sharp decline
Bitcoin approached $62,000 at the start of the week amid escalating US-Iran tensions. Market participants note continued outflow from risk assets due to geopolitical uncertainties. The cryptocurrency has lost over 5% of its value in the last 24 hours.
2Trump's Hormuz Strait remarks
US President Donald Trump announced plans to take control of the Strait of Hormuz during a Fox News interview. Referring to Iran's recent blockade of this strategic oil passage as a 'guardian angel' service, Trump stated that compensation should be required for this protection.
3Rising oil prices
With Brent crude trading around $75 per barrel, tensions in energy markets persist. Analysts note Middle Eastern conflicts are increasing volatility in both commodity and crypto markets, with investors seeking safe-haven assets.
4Intense short-selling pressure
Market data reveals 'extremely aggressive' short positions accumulating in Bitcoin. Observers highlight the volume-weighted average price (mVWAP) as critical support, warning that the $60,000 level could be retested if selling pressure continues.
5$70K price target remains
Some analysts argue that indicators like RSI and trading volume suggest selling exhaustion. Trader Roman maintains that higher timeframes still target $70,000-$75,000, claiming that spot demand will inevitably trigger an upward move.
6Critical week for investors
Experts warn Bitcoin may enter a macro downtrend before September. With mixed technical signals compounding geopolitical risks, investors are advised to prioritize risk management during this volatile period.