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Bitcoin hovers near $62,000 as Trump Iran Strait of Hormuz remarks spark risk-off
U.S. stocks opened lower, with the Nasdaq Composite down 1% at the time, while Cointelegraph said BTC/USD edged closer to the $62,000 level.
Bitcoin fell toward the $62,000 area as U.S. markets opened in the red on heightened tension between the United States and Iran, Cointelegraph reported. TradingView data cited by the outlet showed BTC/USD edging closer to $62,000 during the Wall Street open.
Cointelegraph linked the risk sentiment to remarks by U.S. President Donald Trump on Fox, saying the United States would be taking over and potentially “running” the Strait of Hormuz, a key oil route that Iran closed over the weekend.
The outlet also said trader commentary pointed to heavy short activity into the pre New York open drop, with one analysis account warning that $60,000 could return if key levels fail. Cointelegraph noted that the market was watching the volume weighted average price across exchanges, described as a key defense point for bulls.
Some traders continued to argue for a potential rebound, according to Cointelegraph. The outlet cited a commentator highlighting indicators such as the relative strength index and volume, and suggested downside exhaustion, while stating that any recovery would depend on how price action develops into New York.
Latest closeBitcoin $62,122.30 ▼2.6%