Bitcoin Price Retreats on Selloffs, Iran Closes Strait of Hormuz
Bitcoin price retreated by about 3% to $75,682.21 over the past 24h, closely tracking a 2.26% decline in the total crypto market cap. The move appears primarily driven by a broad market pullback amid cooling sentiment, with no single negative catalyst evident in the data provided.
Investors exited their position over renewed geopolitical tensions. Shortly after the inflow surge, Iran announced the closure of the critical Strait of Hormuz, reversing the earlier ceasefire gesture.
This renewed geopolitical tension caused Bitcoin’s price to fall more than 2%, highlighting its continued sensitivity to macro risks. This is bearish in the near term as it injects uncertainty and risk-off sentiment, directly pressuring prices. The market’s direction now hinges on whether the ceasefire collapses or holds, making the strait’s status a key immediate catalyst for volatility.
Bitcoin’s decline mirrors about 3% drop in the total crypto market cap to $2.55 trillion, indicating a sector-wide retracement.
The price move is not Bitcoin-specific; it’s a typical pullback within a broader uptrend, driven by profit-taking and sentiment normalisation.
Trading data showed that total derivatives open interest fell 3.2% to $454.17B, and the average funding rate remains negative at -0.0061%. This indicates some long positions were closed, adding selling pressure.
However, liquidations were modest at $40.4 million over 24h, suggesting no violent squeeze. Technical traders saw Bitcoin consolidating between the 38.2% ($77,267) and 50% ($76,941) Fibonacci retracement levels drawn from the recent swing high ($78,321) and low ($75,562).
The key near-term trigger is the sustainability of U.S. spot Bitcoin ETF inflows, which rose by $664 million on April 17. If inflows persist, Bitcoin could challenge the swing high.
However, if selling pressure intensifies and price breaks $75,562, the next support is near $74,000. The structure remains bullish above $75,562, but a break lower would signal a deeper correction. AI Key to Tackling Financial Fraud — eTranzact

