Bitcoin Battles Downside as Iran Ceasefire Failure Sends Oil Past $75

Bitcoin (BTC) stayed below $62,000 after Wednesday’s Wall Street open as US president Donald Trump closing a key world oil route.

Key points:

• Bitcoin drops to $61,500 as Trump says that the ceasefire with Iran is “over.”
• Both sides reportedly threaten to close the Strait of Hormuz, sending oil prices soaring.
• Bitcoin traders anticipate new lows, but analysis sees Trump sweetening the mood later.

Bitcoin gives back gains as Trump says Iran ceasefire “over”

Data from TradingView showed daily BTC price downside circling 2.5% as markets reacted to the collapse of the US-Iran ceasefire.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

“To me, I think it’s over,” Trump said about the ceasefire during a press conference at the NATO summit in Ankara, Turkey.

Additional reports claimed that both the US and Iran were considering reimposing a blockade of the Strait of Hormuz oil route.

US WTI crude oil passed $75 per barrel on the day, reaching its highest levels since June 22.

CFDs on US WTI crude oil four-hour chart. Source: Cointelegraph/TradingView

The latest events had an instant impact on expectations over financial policy moves by the US Federal Reserve.

The latest data from CME Group’s FedWatch Tool showed increasing odds of an interest-rate hike coming at the Fed’s September meeting, with July’s still tipped to see rates stay at current levels.

Fed target rate probabilities (screenshot). Source: CME Group

Users on prediction service Kalshi, meanwhile, put the odds of a hike in 2026 at 55%.

Trader names $61,000 as “crucial” BTC price level

Commenting, crypto trader and analyst Michaël Van de Poppe predicted a retest of $61,000 for Bitcoin.

Related: BTC speculators in focus as analysis says ‘textbook Bitcoin bottom’ is underway

“This to happen, and then 1-2 days later; we’re in talks again. And the markets reverse,” he wrote in a post on X.

Earlier, Van de Poppe said that there was “no problem” visible in BTC price action.

“Price remains hovering above $60,000, despite the fact that the Middle East has reactivated the War again. Other than that, as long as it remains a relatively shallow correction, I don’t think we’ll start to see lower levels in the markets,” he wrote. 

“The crucial level for me is the $61,000 area.”

BTC/USDT one-day chart. Source: Michaël Van de Poppe/X

Among traders, anticipation was building over a trip to new local lows.

“Tensions with Iran flaring up again just as $BTC tried to reclaim the previous range lows. Starting to look like we’re getting those cheaper accumulation opportunities we were hoping for,” trader Jelle told X followers.

BTC/USD one-day chart. Source: Jelle/X