Bitcoin’s price, which had briefly risen above $73,000, quickly dropped as investors became concerned about the uncertain situation between the U.S. and Iran.
Summary
- Bitcoin failed to hold above $73,000 as Iran tensions and weak US data weighed on sentiment.
- Oil near $97 and a 0.4% rise in core PCE added pressure on risk assets.
There was a short-lived surge of optimism when reports suggested Iran might start accepting Bitcoin for ships passing through the Strait of Hormuz, but that quickly died down. Now, investors are concerned that global political tensions could reverse the recent gains Bitcoin has made in the United States.
Mohammad Bagher Ghalibaf, a former commander in Iran’s Revolutionary Guard and current parliamentary speaker, recently voiced his disapproval of the fighting happening in Lebanon, causing increased friction.
Ghalibaf, a leading official within the government, cautioned that any unauthorized entry into the country or attempt to prevent uranium enrichment would be considered a breach of the current agreement and could escalate into a wider conflict.
This uncertainty caused crude oil prices to rise again to $97 a barrel. When energy prices go up, investors usually become more risk-averse and tend to move their money out of potentially high-reward but risky investments like cryptocurrency.
The challenges aren’t limited to global factors. Recent data from the U.S. Bureau of Economic Analysis revealed a 0.4% increase in the core PCE index on Thursday, indicating that inflation is proving more persistent than anticipated. This makes it more difficult for the Federal Reserve to change its current monetary policy.
The economy is also losing momentum. Recent reports revised the growth rate for the last three months of the year down to just 0.5%, suggesting the economy is nearly stalled.
Typically, when economic growth slows, traders anticipate government intervention with additional funds. However, this time, the recent data is causing real concern. Doubts about the effectiveness of efforts to prevent a recession have already weakened the value of the U.S. dollar compared to other major currencies.
Will Bitcoin price go up?
Bitcoin is currently facing uncertainty, caught between concerns about global conflicts and the possibility of an economic downturn. This conflicting pressure is reflected in its price, which is having trouble remaining above $72,000, leaving its future direction unclear.
For Bitcoin’s price to keep rising, it needs to overcome significant selling pressure. Currently, around $6 billion worth of short positions – bets that the price would fall – are clustered between $72,200 and $73,500. While yesterday’s price increase eliminated $427 million of these sell orders, the remaining ones are holding the price down.
Bitcoin needs to convincingly surpass $73,000 and then hold that price level as a base before it can attempt to reach higher values. If it doesn’t break through soon, investors might become discouraged and sell their holdings, potentially causing the price to fall back towards $68,000.
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2026-04-10 08:42