Bitcoin Weakens Around $77,000, Pressured by Iran Uncertainty
Bitcoin edged down 0.5% to $77,487.8 on Thursday morning, and is projected to post a weekly decline of around 1%. This decline occurred amid renewed liquidations and uncertainty surrounding US-Iran negotiations, which weighed on global risk sentiment.
Investors reduced exposure to risky assets, including cryptocurrencies, as volatility increased due to the Middle East conflict and higher US bond yields. Surging oil prices also raised inflation concerns, dampening interest in speculative assets.
Although US and Iranian officials cited “positive signs” in the talks, key issues such as Tehran’s uranium stockpile and control of the Strait of Hormuz remain unresolved. Iran’s Supreme Leader insisted on maintaining uranium reserves, while US Secretary of State Marco Rubio rejected plans to levy a toll in the Strait of Hormuz.
This pressure triggered the liquidation of leveraged positions in the crypto market, with CoinGlass data recording approximately $200 million in positions closed in the past 24 hours. However, institutional buying and inflows into spot Bitcoin ETFs continue to support the price.
From a technical perspective, the $76,000–$77,000 zone is considered a key support level. Bitcoin remains vulnerable if it breaks below this level, but a sustained close above $80,000 could reignite bullish momentum.
Overall, Bitcoin's movement is limited and remains sensitive to geopolitical sentiment, US interest rate expectations, and energy market volatility, which are key factors driving its price in the short term. (asD)
Source: Newsmaker.id
