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Bitcoin falls, Iran ceasefire breaks, Hormuz blockade threat pushes oil prices higher to $75

2026-07-09 12:50:25
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The highlights are as follows:

-Bitcoin fell to $61,500 after Trump said the ceasefire with Iran was \"over.\"

-Oil prices soared after both sides reportedly threatened to close the Strait of Hormuz.

-Bitcoin traders expect new lows, but analysts believe Trump will ease market sentiment later.

Bitcoin (BTC) remained below $62,000 after the opening of Wall Street on Wednesday, as U.S. President Donald Trump claimed the ceasefire was \"over\" and a key international oil route faced closure.

Bitcoin gave up gains as Trump called the Iranian ceasefire \"over.\"

TradingView data shows that Bitcoin\'s daily price fell by about 2.5% as the market responded to the rupture of the US-Iran ceasefire.

One-hour trend chart of BTC/USD.

\"In my opinion, I think it\'s over,\" Trump said of the ceasefire at a NATO summit press conference in Ankara, Turkey.

There are also reports that both the United States and Iran are considering re-imposing a blockade of the Strait of Hormuz oil channel.

The U.S. WTI crude oil price exceeded US$75 per barrel that day, setting its highest level since June 22.

Four-hour chart of U.S. WTI crude oil contract for difference.

The latest incident immediately had an impact on market expectations about the direction of the Federal Reserve\'s monetary policy.

The latest data from CME Group\'s FedWatch tool shows that the probability of raising interest rates at the September meeting of the Federal Reserve will increase, while the July meeting is expected to maintain the current interest rate level.

Federal Reserve target interest rate probability (screenshot).

Meanwhile, users of forecasting platform Kalshi believe that the probability of a rate hike in 2026 is 55%.

Traders call $61,000 a \"key\" price level for Bitcoin

Cryptocurrency trader and analyst Michaël Van de Poppe commented that he predicted Bitcoin would test $61,000 again.

\"After this happens, within a day or two, we will renegotiate and the market will reverse,\" he wrote in a post on X.

Previously, Van de Poppe said there were \"no problems\" in Bitcoin price movements.

\"Despite renewed war in the Middle East, prices are still hovering above $60,000. Beyond that, as long as the adjustment is relatively shallow, I don\'t think the market will start to see lower levels,\"he wrote. \"For me, the key level is the $61,000 area.\"

BTC/USDT daily trend chart.

Expectations are forming among traders that prices fall to new local lows.

\"Just as Bitcoin is trying to recover its previous range lows, tensions in Iran have escalated again. It looks like we\'re starting to get those cheaper low-accumulation opportunities that we\'ve been waiting for,\"trader Jelle told Platform X followers.

BTC/USD daily trend chart.

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