- Bitcoin dropped to $61,500 after President Trump declared the Iran ceasefire “over” at a NATO summit press conference in Ankara.
- Both sides reportedly threatened to close the Strait of Hormuz, sending oil prices above $75 per barrel for the first time since June.
- Traders anticipate new BTC lows, though analysts suggest a potential reversal once diplomatic talks resume.
Bitcoin fell below $62,000 on Wednesday as President Trump declared the Iran ceasefire “over,” triggering a broader market selloff. Data from TradingView showed daily BTC price downside circling 2.5% following the announcement.
Trump made the statement during a press conference at the NATO summit in Ankara, Turkey. “To me, I think it’s over,” he said regarding the ceasefire.
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, reaching its highest levels since June 22.
The latest events impacted expectations over financial policy moves by the US Federal Reserve. Data from CME Group’s FedWatch Tool showed increasing odds of a rate hike at the September meeting.
Users on prediction service Kalshi placed the odds of a hike in 2026 at 55%.
Commenting on the situation, crypto trader and analyst Michaël Van de Poppe predicted a retest of $61,000 for Bitcoin. “This to happen, and then 1-2 days later; we’re in talks again,” he wrote, suggesting markets would reverse.
He earlier stated there was “no problem” visible in BTC price action. “The crucial level for me is the $61,000 area,” he noted.
Among traders, anticipation was building over a trip to new local lows. Trader Jelle described the dip as a potential accumulation opportunity.
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