$BTC dropped back to $75,000 on Sunday after reaching a ten-week high of $78,400 earlier this week, as renewed tensions between the U.S. and Iran pressured global markets.
The main trigger was Iran’s reported closure of the Strait of Hormuz, a critical oil shipping route. The move revived fears of higher crude prices and broader economic uncertainty, pushing investors toward a more cautious stance.
Traders say Bitcoin is now reacting like a global risk asset, with geopolitical headlines influencing short-term price action.
Over the past 24 hours, crypto markets saw around $260 million in liquidations, with long positions hit hardest during the pullback.
Technically, Bitcoin is also facing resistance near its 21-week exponential moving average around $78,900. Analysts warn that continued rejection at this level could lead to a retest of the $73,000 support zone next week.
For now, markets are closely watching both oil prices and political developments, as Bitcoin enters a key weekly close under renewed pressure.
