Bitcoin dropped 1.5% to below $76,500 on Friday after U.S. military strikes on Southern Iran. The move followed crude oil's brief dip under $90 earlier this week and Monday's intraday high of $77,700. Analysts now watch for whether the cryptocurrency holds key support levels as tensions escalate.
Military Action Resumes
U.S. Central Command conducted strikes targeting Iranian missile sites and mine-laying boats. The operation was described as restrained to protect troops during an ongoing ceasefire. This marked the first escalation since the temporary truce began earlier this month. Oil prices initially dipped then rose about 2% after the attacks.
Political Statements Emerge
President Trump posted on Truth Social that Iran negotiations were 'proceeding nicely,' repeating his 'Great Deal or no Deal' stance. His comments came hours after the strikes. The administration has not issued additional statements about the military action's scope or duration.
Analyst Thresholds Identified
BTSE's chief operations officer Jeff Mei said Bitcoin could hold above $70,000 if strikes stay limited. He warned a prolonged conflict might push prices to $60,000. CoinEx's chief analyst Jeff Ko named $70,000 as the next support level and $65,000 as a critical stress point. Macro trader Jason Pizzino cited falling volume and weak social interest as reasons for his bearish outlook. The cryptocurrency traded at $76,480 late Friday as analysts anticipated potential further losses.
Immediate Market Focus
Traders now watch whether Bitcoin holds above $70,000 through the weekend. The next critical test comes if U.S.-Iran tensions persist beyond the current ceasefire period. Volume remains down across major exchanges as investors await clearer signals from both the conflict and market direction.
