Bitcoin Price Volatility Driven by Strait of Hormuz Developments

The global cryptocurrency market experienced a significant price swing due to geopolitical events in the Middle East. The sudden reopening of the Strait of Hormuz by Iran sparked a rally in Bitcoin, pushing its price above $78,000.

However, this surge was short-lived as the strait closed again within 24 hours, causing the price to drop back down to $76,091. This reversal led to over $762 million in crypto liquidations, with shorts accounting for $593 million of that total.

Despite the weekend pullback, major tokens such as Ethereum and XRP posted weekly gains. Analysts noted that Bitcoin was trading within a defined range, with resistance above $75,000 and support near $72,000.