Bitcoin slides as Iran ceasefire collapse sees $75 oil on Hormuz blockade threats
Summary
Bitcoin slipped below $62,000 after the US-Iran ceasefire appeared to collapse, with BTC/USD down about 2.5% as markets reacted to renewed geopolitical तनाव. Trump said the ceasefire was “over,” and reports of a possible blockade of the Strait of Hormuz helped push WTI crude above $75 per barrel, its highest since June 22. The oil spike also shifted Fed expectations, with FedWatch showing higher odds of a rate hike at the Fed’s September meeting while July was still expected to hold steady. Traders flagged $61,000 as a key BTC support level and warned that a retest of local lows could follow if tensions keep rising. Another view held that as long as Bitcoin stays above $60,000, the correction may remain shallow.
