Bitcoin fell to $76,926.53, down 2.2% over the past 24 hours, as Ethereum and $XRP also declined after US forces struck Iranian targets near the Strait of Hormuz. The attacks pushed oil prices to their highest level in 40 days and unsettled investors across major asset classes.
Geopolitical tensions weigh on crypto markets
President Trump confirmed the strikes and warned Iran against retaliation. He later said he isn’t trying to push Iran back to the negotiating table and “couldn’t care less” whether Tehran signs any deal.
Oil prices climbed above $90 a barrel following the news, reaching their highest level in roughly six weeks. Traders are pricing in the possibility of a prolonged disruption to one of the world’s busiest shipping routes for crude oil.
The market fallout extended beyond oil and cryptocurrency. Japan’s Nikkei index dropped 2.7%, wiping out an estimated ¥31.8 trillion, or around $202 billion, in market value. Technology stocks accounted for much of the decline.
South Korea’s annual inflation rate came in at 3.1%, slightly below the 3.2% forecast, but the reading did little to ease the broader risk-off sentiment across Asian and global markets.
Bitcoin, Ethereum and XRP prices
The total cryptocurrency market capitalization declined to $2.7 trillion, down 1.4% on the day, while 24-hour trading volume reached $82.4 billion.
- Ethereum fell 3.0% to $2,395.12.
- $XRP dropped 3.7% to $1.33.
- Solana declined 4.0% to $98.77.
- BNB slipped 1.8% to $681.55.
Could Bitcoin be repeating its 2023 bottoming pattern?
Some analysts do not view the latest pullback as entirely negative. Analyst Ali Charts highlighted similarities between Bitcoin’s current price structure and its bottoming pattern in 2023.
During that period, Bitcoin tested resistance three times. Each attempt was followed by a roughly 20% pullback toward the middle of its trading range. The cryptocurrency eventually broke out on its fourth attempt, triggering its last major bull run.
Bitcoin has already faced one rejection near the top of a similar channel this time. If the pattern repeats, Ali Charts said the market could see additional failed breakout attempts and a pullback toward the $70,000 zone before any decisive move higher.
For now, geopolitical developments remain the immediate market driver. With US-Iran tensions escalating and oil prices rising on fears of a wider disruption, cryptocurrency markets are trading defensively while investors wait for greater clarity on how far the conflict could extend.
