Key Takeaways Hormuz closed again today after US kept its naval blockade in place. BTC dropped from $77,200 to $76,400 […]
The post Strait of Hormuz Closed Again: How Is Bitcoin Reacting? appeared first on Coindoo.
Key Takeaways
- Hormuz closed again today after US kept its naval blockade in place.
- BTC dropped from $77,200 to $76,400 within minutes
- RSI is now at 33.76 – deep oversold territory.
- Volume spike at the drop confirms panic selling, not gradual distribution.
- Weekend US-Iran talks in Islamabad are the next major catalyst to watch.
What Happened and Why
Yesterday, Iran’s Foreign Minister announced the Strait of Hormuz was “completely open” for commercial vessels, in line with the Israel-Lebanon ceasefire. Bitcoin responded by climbing back toward $77,300. Markets breathed.
Then, the IRGC issued a statement that ended the optimism fast:
-----Cryptonews AD----->>>
“We warned you and you ignored it. Now enjoy Hormuz returning to its previous state.”
The reason? The US kept its naval blockade on Iranian ports in place even after Iran opened the strait. Iran saw that as a provocation, reversed course, and here we are.
What the Chart Shows
In the early hours of todays morning, BTC was grinding sideways around $77,000–$77,200 with low volume and small candles but still not signaling nothing alarming. Around 08:30 UTC, the news came. After that as we see on the chart, two large red candles appeared back to back, accompanied by the highest volume bars of the entire session. Price fell under $77,000 in minutes. In the following hours the price dropped to the $76,400 at the time of writing
That kind of move, sharp drop, big volume, fast, is classic panic selling. It is not organic. It is traders reading a headline and hitting sell simultaneously.
Since then, price has stabilized around $76,550, and the selling volume has calmed down noticeably. That stabilization matters. It means buyers stepped in at that level and are holding it for now.
RSI Is Flashing Oversold
The RSI is currently sitting at 33.76, well below the 37.79 signal line. That is deep oversold territory for a 15-minute chart. Historically, when RSI gets this low during a geopolitical panic event, one of two things happens:
- A relief bounce follows once the initial shock fades and buyers return.
- Or more bad news lands and RSI pushes even lower, breaking the current support.
Right now, $76,400 is the line to watch on the downside. If that breaks, $75,000 becomes the next serious conversation.
Why Does the Strait of Hormuz Move Bitcoin?
Simply put: the Strait of Hormuz carries about 20% of the world’s oil supply. When it closes, oil prices spike, inflation fears return, and investors reduce exposure to risk assets across the board. Stocks, crypto, all of it sells off together. Bitcoin is not immune to that dynamic, even if it has been outperforming gold and equities since the Iran war began in late February.
What to Watch Next
US and Iranian delegations are expected to meet in Islamabad this weekend for a new round of talks. That is the single biggest catalyst right now. A positive outcome, even just a signal of progress, could push Bitcoin back toward $77,500 quickly. A breakdown in talks, or another escalation, puts $75,000 squarely in play.
For now, the chart says oversold and holding support. The news says anything can happen. That combination is exactly why you keep your alerts on this weekend.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
The post Strait of Hormuz Closed Again: How Is Bitcoin Reacting? appeared first on Coindoo.
Source: https://coindoo.com/strait-of-hormuz-closed-again-how-is-bitcoin-reacting/
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