Buyers are attempting to push Bitcoin above the $70,000 level, but some analysts believe the upside may be limited and a drop below the $60,000 support is likely.
US President Donald Trump threatened Iran could be "living in Hell" if it doesn't open the Strait of Hormuz, though he also told reporters that a deal with Iran is getting close.
Bitcoin whales and sharks have locked in $30.9 billion in BTC losses this year, resembling the 2022 bear market, as onchain data points to continued downside risk.
In a recent Cointelegraph interview, macro investor James Lavish explains why markets are pricing in a quick end to the Iran war — and what could happen if that assumption is wrong.