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Bitcoin came under sustained selling pressure, with $BTC tracking toward the $61,000 level after oil climbed to $75 a barrel on the collapse of the US-Iran ceasefire and threats to blockade the Strait of Hormuz.
The pairing of a geopolitical shock with a crude oil spike is precisely the combination that makes risk managers reach for the exit.
What's changed: the ceasefire is gone The US-Iran ceasefire provided a baseline of relative calm. Its collapse changes that baseline.
Hormuz blockade threats take a theoretical risk and make it operational, and oil at $75 is the market's first-pass verdict on how seriously it is taking those threats. For $BTC, the read-through is not complicated.
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