Bitcoin clings to $68,000 as Trump’s final Iran deadline expires at 8 PM EST and oil screams higher

Bitcoin is maintaining its position around $68,000, a critical long-term support level, as traders closely watch President Donald Trump's deadline for Iran. Escalating tensions, including reports of strikes on Iranian oil infrastructure and threats to shipping lanes like the Strait of Hormuz and Bab al-Mandeb, have driven oil prices significantly higher, surpassing $116 per barrel for US crude. This geopolitical situation is impacting crypto markets, with oil acting as a primary transmission channel. Despite the challenging macro environment, Bitcoin's price has shown some resilience, even touching $69,000 before retreating. Analysis of derivatives positioning indicates that Bitcoin's recent stability is not driven by leveraged bullish bets but rather by spot buyers absorbing selling pressure, as evidenced by negative funding rates. This suggests a healthier market structure compared to a rally fueled by aggressive leverage. However, Bitcoin is trading within a narrow range between $65,000 and $70,000, making it vulnerable to abrupt moves based on geopolitical catalysts. The market is weighing the possibility of another delay in the Iran deadline against a more severe energy shock, which could exacerbate inflation fears, strengthen the dollar, and limit central bank easing, creating a difficult backdrop for speculative assets like crypto. Ultimately, Bitcoin's immediate price action remains tied to developments from the White House.

(Source：CryptoSlate)