Jun 23, 2025
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Bitcoin Holds Above $101,000 as Oil Prices Stabilize After Initial Spike
Social media recently reacted to the U.S. airstrike on Iran's nuclear sites and potential closure of the Strait of Hormuz, fearing a surge in oil prices and declines in stocks and cryptocurrencies.
Key developments include:
- Oil prices increased by 3% but quickly erased most gains. Brent oil is at $77, up 1.4%, while West Texas Intermediate (WTI) peaked at $78.58 before dropping to $76.75.
- Bitcoin has recovered above $101,000 after dipping below $98,000 due to oil price concerns.
- Futures for the S&P 500 are only 0.3% lower, indicating a stable market response.
- Analysts believe the market does not expect Iran to block the Strait of Hormuz, given its significant impact on Asia, especially China.
Experts suggest Iran's threats are rhetorical and historically used for domestic political purposes rather than actual intentions to disrupt oil flows.
BTC Market Stability
The anticipated oil price spike may not occur, which could stabilize BTC and other risk assets. BTC remains supported above $100,430; failure to maintain this level may shift focus to moving averages around $95,900.
