Bitcoin Price Slips as Trump Throws Doubt on Iran Ceasefire

Bitcoin's brief foray above $83,000 was cut short by a statement from US President Donald Trump, casting doubt on reports of an Iran ceasefire. The cryptocurrency's price surge to $82,833 was largely driven by hopes of a deal reopening oil shipping through the Strait of Hormuz.

The pullback in Bitcoin's price mirrors the volatility seen in oil markets, which dropped more than 10% before rebounding to $96 per barrel. Trading data showed nearly $1 billion in short interest on WTI immediately before the drop, described as unusually large by market commentary.

Traders are now watching for potential support and resistance levels, with one desk noting that the $82,400 area still holds liquidity above current price. However, most of the local liquidity from the prior session has been cleared, suggesting a possible retracement to the $80,100 or $78,200 levels.

The 50-period simple moving average on the four-hour chart sits at $78,432, and liquidation data showed $550 million cleared across crypto markets over the past 24 hours. Shorts accounted for $400 million of that total, or roughly 73%, suggesting that the market was positioned for upside.