2026-5-8 09:14 |
Bitcoin retreated amid clashes in the Strait of Hormuz and rising oil prices. Analysts argue that a limited appetite for full‑scale escalation caps downside risk. Bulls aim for a rebound toward $82,000, but bears could target a breakdown below $78,000.
Bitcoin dropped to around $79,200 in early trading on Friday as fresh military skirmishes in the Strait of Hormuz rattled global risk assets.
The crypto bellwether was witnessing a sharp intraday pullback after a brief run above $80,000, with the latest price swing highlighting prevailing weakness amid potential geopolitical shocks.
However, despite this outlook, is a classic “bear trap” in play?
Iran ceasefire cracks dent Bitcoin momentumBitcoin rallied above $82,500 on Monday, igniting further bullish sentiment across the broader cryptocurrency market.
However, BTC has reversed as selling pressure resurfaced, dropping to support near $79,200.
The downturn coincides with fresh clashes in the Strait of Hormuz after Iran accused the United States of striking an oil tanker, prompting retaliatory strikes by the Islamic Revolutionary Guard Corps (IRGC) against US warships.
The US says it responded with counterstrikes.
Energy markets reacted swiftly, with Brent crude pushing back above $100 per barrel as local skirmishes reignited fears of supply disruption in the world’s key oil chokepoint.
According to SosoValue, the flare‑up has injected fresh anxiety into the so‑called “14‑point deal” narrative, a diplomatic framework aimed at stabilizing the region.
However, the platform notes that President Donald Trump’s insistence that the ceasefire remains in place, and Washington’s framing of its actions as “self‑defense,” point to a lack of appetite for full‑scale escalation.
“If both sides publicly signal restraint, the damage to global risk appetite remains localized,” SosoValue observed on X.
Bitcoin price forecast: a bear trap or deeper retreat?According to analysts, a scenario that sees the current macro fallout contained could set the stage for a bullish reversal.
Santiment has noted a wave of profit‑driven holder capitulation in recent days, which it says hints at a potential sharp rebound amid thinning liquidity.
“Capitulation is one of the key ingredients to the beginning of bull runs, and wallets can drop out during both a price fall (out of fear of losing more) or on a price rise (expecting prices to not go any higher),” the firm posted.
Meanwhile, veteran market technician John Bollinger recently flagged Bitcoin’s trend model as flipping positive. BTC has retreated from the upper Bollinger Bands line, but the BBTrend indicator remains bullish.
This suggests a short‑squeeze could materialize if prices hold support levels.
Bulls will also need to reclaim upward momentum on strong volume, largely helped by limited escalation in the Gulf, contained oil‑price spikes, and the crypto‑friendly CLARITY Act.
Key resistance levels could be around $85,000-$90,000. However, if downside risks continue, bears could eye a deeper correction toward the $60,000 support zone.
Bitcoin hovered around $79,615 on Friday morning.
The post Is Bitcoin’s drop to $79K a bear trap as Hormuz tensions escalate? appeared first on CoinJournal.
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