Key Highlights
- BTC reached a Sunday low of $70,623 following the U.S. declaration of a Strait of Hormuz blockade
- Diplomatic negotiations between Washington and Tehran collapsed when Iran declined to halt its nuclear weapons development
- Crude oil prices spiked 9.5% to reach $105 per barrel in the first half-hour of U.S. futures trading
- Open Interest in Bitcoin futures contracted to $51.39 billion from the previous day’s $54.82 billion
- BTC has gained 7.4% since the commencement of U.S.-Iran hostilities on February 28
The leading cryptocurrency tumbled to $70,623 on Sunday following Washington’s declaration of a naval blockade targeting the Strait of Hormuz. This development emerged as diplomatic efforts between the United States and Iran disintegrated over the weekend.
President Donald Trump validated the blockade through a Truth Social announcement. His statement indicated Iran’s unwillingness to abandon its nuclear weapons initiative, characterizing it as the singular issue of genuine significance.
J.D. Vance, serving as Vice President, revealed on Saturday evening that negotiations held in Pakistan yielded no agreement on extending the ceasefire. Throughout most of Saturday, Bitcoin maintained trading levels above $73,000 before experiencing a significant retreat.
$BTC Falls Under $72,000 After US Vice President JD Vance said the US failed to reach a deal with Iran during the Pakistan talks.
JD Vance said: "We Negotiated in Good Faith And Offered the best We Could to the Iranians."
My View: I Already said Bitcoin must break the $76,000… https://t.co/ExT2Du7zQD pic.twitter.com/AAkLWzOSUl
— Crypto Patel (@CryptoPatel) April 12, 2026
Following the blockade declaration, BTC descended to approximately $70,900 — representing a 2.5% decline across 24 hours. The digital asset dropped further to $70,623 as U.S. futures markets commenced trading on Sunday.
Crude oil markets witnessed a dramatic 9.5% surge to $105 per barrel in the initial 30 minutes of market activity. Brent crude reached $98 on Monday as the geopolitical standoff persisted.
BTC Maintains Position Above $70,000 Threshold
By Monday’s trading session, Bitcoin had recovered above the $71,000 mark, sustaining levels above its 50-day Exponential Moving Average (EMA) positioned at $70,753. This 50-day EMA currently functions as immediate-term support.
Open Interest in Bitcoin futures decreased to $51.39 billion on Monday, per CoinGlass analytics. This represents a decline from the preceding day’s $54.82 billion, indicating diminished risk tolerance among leveraged position traders.
The Relative Strength Index (RSI) currently registers at 54, reflecting moderate bullish momentum. The MACD indicator continues displaying positive readings, implying that downward pressure is weakening.
Bitcoin’s Track Record Since Conflict Initiation
Bitcoin has appreciated approximately 7.4% from the onset of U.S.-Iran military confrontation on February 28, when an American airstrike eliminated Iranian Supreme Leader Ayatollah Ali Khamenei. Bitcoin was valued at roughly $71,194 at the moment of publication.
This performance positions Bitcoin favorably compared to both the S&P 500 index and gold throughout the identical timeframe.
The Strait of Hormuz facilitates approximately 20% of worldwide oil transportation. Market disruptions in this strategic waterway have created turbulence across financial markets for six consecutive weeks.
A daily closing price exceeding $73,000 could establish a trajectory toward $75,623 — representing the 23.6% Fibonacci retracement level of Bitcoin’s descent from $126,200 to $60,000. Primary downside protection persists at the 50-day EMA near $70,753. Penetration below this threshold could trigger movement toward $60,000.
Bitcoin established its all-time peak of $126,080 in October.
