Bitcoin Falls to $75K as Iran Closes Hormuz Strait
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- Iran re‑closed the Strait of Hormuz, reviving fears of an oil price surge as WTI crude hovered near $80 per barrel.
- Bitcoin fell to $75,000 at the weekly close, retreating from ten‑week highs of $78,400 and testing the 21‑week EMA around $78,900.
- Cointelegraph reported $260 million in crypto liquidations over the past 24 hours as long BTC positions were squeezed.
- CME Group futures may open with a gap, a short‑term price magnet, according to trader Daan Crypto Trades.
- Material Indicators warned that market sentiment could flip with a single social‑media post, highlighting the fragility of the bullish mood.
Why it matters: Long‑position crypto traders lose $260 M in liquidations; oil traders see WTI climb toward $80, tightening market liquidity and pressuring risk‑off assets, and Bitcoin drops further as investors shift to safer havens.
