bitcoin It fell below $73,000 on Thursday, the lowest level since April 13, as fresh clashes between the United States and Iran rattled global markets, sending oil higher and dimming hopes for a permanent ceasefire.
The liquidation came after US attacks in southern Iran. Iran’s Revolutionary Guard said it retaliated by attacking the US base used to launch the attacks, warning that future responses would be “more decisive,” the New York Times reported. Kuwait, which hosts five US bases, said it intercepted hostile drones and missiles.
The escalation tempered expectations that Washington and Tehran are close to a deal that could stabilize the Strait of Hormuz, a key route for global oil transportation.
The chances of a permanent ceasefire being reached by the end of the month are now just 8% in Polymarket, down from a high of 70% over the weekend. The perceived chances of it being reached by the end of next month fell from 76% to 42%.
In Kalshi, traders are betting that traffic in the strait will remain moderate. Brent crude rose nearly 4% to around $96 a barrel, fueling concerns that higher energy prices could increase inflationary pressures around the world.
Crypto markets reacted alongside broader risk assets. According to Mercado Bitcoin research head Rony Szuster, investors remain focused on geopolitical risks and upcoming US inflation data, particularly Thursday’s PCE report, the Federal Reserve’s preferred inflation indicator.
“The cryptocurrency market remains structurally resilient, supported by long-term accumulation and the strength of AI and blockchain infrastructure narratives,” Szuster said in a note shared with CoinDesk.
“In the short term, the market remains more sensitive to geopolitical developments and the return of institutional flows after the US holiday, which keeps bitcoin in consolidation while altcoins trade in a more selective environment,” he added. Stay alert!
Read more: For an analysis of current activity in altcoins and derivatives, see Crypto Markets Today. For a complete list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
What is trend?
Today’s sign
- Bitcoin continues to trade below the 50-week exponential moving average of $84,000.
- The absence of RSI divergences on the weekly price chart indicates that there is no clear market direction.
- The next central level to monitor is the $68,000 support mark.
