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Bitcoin fell below $76,000 after failing to sustain momentum near the $80,000 level, as traders stayed cautious amid geopolitical tension, thin liquidity, and tighter macroeconomic conditions. The move came even after Donald Trump said Iran wants the United States to “open the Hormuz Strait,” adding attention to the Strait of Hormuz, a key route for global oil shipments. Any disruption there can spill over into risk assets, energy markets, and investor sentiment.
Market pressure intensified as concerns grew over Iran’s oil storage capacity and the possibility of production cuts. A prolonged closure or disruption in the Strait of Hormuz could raise energy costs, particularly for Asian economies that rely heavily on crude flows through the region.
Iran has reportedly put forward a peace proposal to reopen the strait and end the conflict, but talks remain difficult because the proposal would delay discussion of Iran’s nuclear program and missile activity. The Trump administration has said any agreement must prevent Iran from obtaining a nuclear weapon.
Uncertainty has discouraged aggressive risk-taking. Bitcoin is often treated as a high-risk asset during periods of global stress, and geopolitical concerns can increase short-term selling when liquidity is weak.
Bitcoin’s decline was also linked to forced liquidations in leveraged positions. After the price moved from around $78,000 to below $77,000, more than $100 million in long positions were wiped out within a short period.
Weekend trading conditions further amplified the move. With fewer institutions and liquidity providers active, order books were thinner, making Bitcoin more sensitive to large market orders. Once prices broke key margin levels, automated liquidations triggered forced selling and extended the downward move.
As Bitcoin attempted to recover above $80,000, veteran trader Peter Brandt pushed back on forecasts that the asset could reach $250,000 by the end of 2026. He said the current chart structure resembles an ascending parallel channel rather than a strong bullish bottoming pattern.
Brandt said a stronger rally would require Bitcoin to break above the upper boundary of the channel with volume. At the time of his comments, Bitcoin was trading between $76,000 and $78,000, still below its October 2025 all-time high of $126,100.
His longer-term outlook remains more constructive, with a potential cycle peak projected for late 2029. He also said Bitcoin may need another investable low later in 2026 and may not reach a new record high until 2027.
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