TLDR
- Bitcoin declined to a low of $70,623 on Sunday following the US declaration of a blockade on the Strait of Hormuz
- Negotiations between the US and Iran fell apart after Iran would not cease its nuclear weapons program
- Oil prices leaped 9.5% to $105 per barrel within half an hour of US futures markets commencing trading
- Open Interest for Bitcoin futures decreased to $51.39 billion, a drop from $54.82 billion recorded the previous day
- Even with the ongoing war, BTC has gained 7.4% since the US-Iran conflict started on Feb. 28
(SeaPRwire) – The price of Bitcoin fell to $70,623 on Sunday subsequent to the United States announcing a naval blockade of the Strait of Hormuz. This action was taken after peace discussions between the US and Iran collapsed over the weekend.
US President Donald Trump verified the blockade in a Truth Social post. He stated that Iran declined to terminate its nuclear weapons program, describing it as the sole matter that “really mattered.”
Vice President J.D. Vance had declared on Saturday evening that talks held in Pakistan did not result in a prolonged ceasefire. Bitcoin had been trading above $73,000 for the majority of Saturday prior to a sharp 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 announcement, BTC decreased to approximately $70,900—a 2.5% drop over a 24-hour period. It declined further to $70,623 when US futures markets opened on Sunday.
Oil prices climbed 9.5% to $105 per barrel within 30 minutes of the market opening. Brent crude reached $98 on Monday as the stalemate persisted.
Bitcoin Holds Above $70,000
By Monday, Bitcoin had recovered to above $71,000, maintaining a position above its 50-day Exponential Moving Average (EMA) at $70,753. The 50-day EMA is serving as a short-term support level.
Open Interest for Bitcoin futures dropped to $51.39 billion on Monday, as per CoinGlass data. This is down from $54.82 billion the prior day, indicating diminished risk appetite among leveraged traders.
The Relative Strength Index (RSI) is at 54, indicating a modestly positive trend. The MACD continues to be in positive territory, implying that selling pressure is diminishing.
BTC Performance Since the War Began
Bitcoin has increased by approximately 7.4% since the US-Iran conflict commenced on Feb. 28, which was triggered by a US airstrike that killed Iranian Supreme Leader Ayatollah Ali Khamenei. Bitcoin was trading near $71,194 at the time this was written.
This performance places Bitcoin ahead of both the S&P 500 and gold for the same timeframe.
The Strait of Hormuz facilitates roughly one-fifth of the world’s oil trade. Disruptions in this area have unsettled financial markets for the last six weeks.
A daily close above $73,000 could pave the way toward $75,623—the 23.6% Fibonacci retracement level of Bitcoin’s decline from $126,200 to $60,000. Crucial downside support continues to be the 50-day EMA around $70,753. A breach below that level could lead to a move toward $60,000.
Bitcoin achieved its all-time high of $126,080 in October.
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