Bitcoin bulls faced an uphill struggle to preserve $62,000 as stocks opened down on Strait of Hormuz rhetoric between the US and Iran.
Bitcoin (BTC) fell further into Monday’s Wall Street open as markets reacted to the US-Iran escalation.
Data from TradingView showed BTC/USD edging closer to $62,000 amid what a trader described as “massive” short trading.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
US stocks were broadly in the red at the open, with the Nasdaq Composite Index down 1% at the time of writing.
Speaking to Fox on the day, US President Donald Trump said that the US would be taking over the Strait of Hormuz, a key international oil route, which Iran closed at the weekend.
“We're going to keep the strait, and we'll probably run it. We'll become the guardian of the strait. Maybe we'll call it the ‘guardian angel’ of the strait. And we should be reimbursed for that,” he said.
Oil prices stayed higher, with WTI crude circling $75 per barrel.
CFDs on US WTI crude oil one-hour chart. Source: Cointelegraph/TradingView
Bitcoin saw pressure, with sellers firmly in control after an initial drop following the weekly close.
“Massive shorting into this pre NY-open drop. Price is now sitting directly at mVWAP, a key level bulls need to defend!” analytics account JDK Analysis wrote in a post on X.
The post referred to the volume-weighted average price across exchanges, warning that $60,000 could reappear.
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