Bitcoin (BTC), which is the digital currency, remained below $62,000 following Wednesday’s Wall Street opening as US President Donald Trump closed a major oil route in the world.
The following are key points.
- Bitcoins drop to $61,500 when Trump announces the Iran ceasefire “over.”
- According to reports, both sides have threatened to shut down the Strait of Hormuz. This would send oil prices skyrocketing.
- Bitcoin traders expect new lows but analysts see Trump boosting the mood in the future.
Trump announces Iran ceasefire and bitcoin returns its gains “over”
TradingView’s data shows that BTC fell daily by around 2.5% in response to the US/Iran ceasefire breaking.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
“To me, I think it’s over,” Trump spoke about the ceasefire at a NATO summit press conference in Ankara.
Other Reports claimed The US and Iran both considered reimposing the blockade of Strait of Hormuz as a route for oil.
US WTI crude reached $75 per barrel for the first time since June 22, 2009.
CFDs for the US WTI four-hour crude oil chart. Source: Cointelegraph/TradingView
Recent events have had an immediate impact on the expectations regarding financial policy decisions by the US Federal Reserve.
CME Group: Latest data FedWatch Tool The odds are increasing that the Fed will raise interest rates at its September meeting. July, however, is still expected to remain at current levels.
Fed Target Rate Probabilities (screenshot). Source: CME Group
Prediction service users KalshiThe odds for a rise in 2026 are 55%.
A Trader Names Six-Hundred Thousand Dollars as “crucial” BTC price level
Commenting, crypto trader and analyst Michaël Van de Poppe predicted a retest of $61,000 for Bitcoin.
Related: BTC speculators in focus as analysis says ‘textbook Bitcoin bottom’ is underway
“This to happen, and then 1-2 days later; we’re in talks again. And the markets reverse,” In a comment on X, he said.
Earlier, Van de Poppe said that there was “no problem” visible in BTC price action.
“Price remains hovering above $60,000, despite the fact that the Middle East has reactivated the War again. Other than that, as long as it remains a relatively shallow correction, I don’t think we’ll start to see lower levels in the markets,” he wrote.
“The crucial level for me is the $61,000 area.”
BTC/USDT one-day chart. Source: Michaël Van de Poppe/X
There was growing anticipation among traders that the market would reach new local lows.
“Tensions with Iran flaring up again just as $BTC tried to reclaim the previous range lows. Starting to look like we’re getting those cheaper accumulation opportunities we were hoping for,” Jelle Jelle told X-Followers
BTC/USD one-day chart. Source: Jelle/X
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: cointelegraph.com
