Bitcoin Slips Below $66K Ahead of US Department of War Briefing Risks

The price of Bitcoin has taken a hit below $66,000 ahead of the highly anticipated US Department of War briefing. This move has sparked concerns about a potential bull trap, as late buyers may be trapped as prices retarget local lows. Market analysts are closely watching for signs of sustained demand and a shift in market breadth to determine if the recent rally above $68,000 was just a blip on the radar or a sign of a larger trend change.

Despite the volatility, oil markets remain a key driver of sentiment in the cryptocurrency space. WTI crude prices have climbed above $106 per barrel, and tensions surrounding the Strait of Hormuz continue to feed into risk-off impulses that often coincide with periods of heavy BTC selling pressure.

The Coinbase Premium, which reflects the gap between BTC/USD on Coinbase and BTC/USDT on Binance, has been a focal point for traders seeking to gauge retail and institutional demand across exchanges. However, data from CryptoQuant shows that the premium has only briefly reached positive territory since October 2025, underscoring the tepid appetite for U.S.-based buying versus other venues.