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Following
BTC Bitcoin (BTC) fell further at the opening of Wall Street on Monday as the market responded to the escalating situation in the United States and Iran.
Points
Bitcoin fell to about US$62,000 as losses widened as market concerns about the U.S. -Iran war intensified. Donald Trump said the United States should "take over" the Strait of Hormuz while the tug-of-war between the United States and Iran continues. BTC price movements have been described as "very weak", but predictions of a rebound to US$70,000 remain. Oil prices rise amid "aggressive" bitcoin shorting.
Data from TradingView shows that BTC/USD is approaching US$62,000, which traders call a "massive" short trade. 
U.S. stocks opened generally lower, with the Nasdaq Composite Index down 1% at the time of writing. Former U.S. President Donald Trump said in an interview that day that the United States would take over the Strait of Hormuz, an important international oil route, which Iran closed over the weekend. "We will hold the strait and will probably operate it. We will become the guardians of the strait. Perhaps you can call it the 'guardian angel' of the strait. We should be compensated for this,"he said. Oil prices remain high, with West Texas Intermediate crude (WTI) hovering around $75 a barrel. 
Bitcoin is under pressure, with sellers firmly in control against the backdrop of an initial decline after the week's close. "There was a massive short run in New York's pre-opening decline. Prices are now directly at mVWAP, which is a key level for bulls to defend!" Analytics account JDK Analysis wrote in a post on the X platform. The post mentioned volume-weighted average prices across exchanges and warned that $60,000 could appear again. "Given that spot sales are also being sold off, this still looks very weak. But if New York brings real spot demand and mVWAP holds on, a rebound could trap a large number of sellers,"JDK added. 
Others have also noticed the downward trend, with commentator Exitpump earlier reporting "a lot of aggressive short selling" while positions continue to rise.
Bitcoin's upside target still points to US$70,000
Those who were bullish on the rebound that day included trader Roman, who remained bullish. In a post on platform X, Roman highlighted several price indicators, including the Relative Strength Index (RSI) and volume, indicating that downward forces were exhausted. "I believe a rise is coming and everything depends on the shape and how we get there. Many high and low time frame indicators point to the 70,000-75,000 region, and exchange data shows that spot purchases exceed sales. It's just a matter of time, not whether." 
