Bitcoin News: Bitcoin Slips Back Below $76K as Iran Tightens Control Over Hormuz

Key Takeaways Bitcoin has fallen back below $76,000 after briefly breaking above $78,000.Iran reportedly reimposed restrictions on the Strait of Hormuz.More than $760 million in crypto liquidations were triggered during the rally and reversal.Bitcoin is now back inside its multi-month trading range. Bitcoin Falls Back Below $76,000 Bitcoin dropped back below $76,000 after briefly surging above $78,000 late Friday. BTC is now trading around the mid-$75,000 range after giving back most of its breakout gains. The rally faded quickly as renewed concerns emerged over Iran and the Strait of Hormuz. Iran Reverses Hormuz Reopening Market sentiment deteriorated after reports that Iran had once again tightened control over shipping through the Strait of Hormuz. According to reports: Iranian authorities warned commercial vessels that the strait was back under military control.Several oil tankers reportedly turned around before entering the waterway.Shipping uncertainty returned less than 24 hours after Iran had initially said the route would remain fully open. The reversal renewed fears of further disruption to global oil supplies. Oil Rebounds as Risk Sentiment Weakens Oil prices had initially plunged nearly 10% when Iran first announced the reopening of Hormuz. However, renewed restrictions on maritime traffic pushed oil prices higher again and weighed on risk assets, including crypto and equities. The latest developments highlight how closely Bitcoin and broader markets are currently trading alongside geopolitical headlines and oil price movements. Crypto Sees One of the Biggest Short Squeezes of 2026 Before the reversal, Bitcoin’s brief move above $78,000 triggered one of the largest short squeezes of the year. Crypto markets recorded roughly $762 million in liquidations across more than 168,000 traders. Of that total: About $593 million came from short positionsBitcoin accounted for roughly $381 million in liquidationsEther accounted for another $167 million The rally forced many traders betting against Bitcoin to cover positions rapidly. Bitcoin Back Inside Key Trading Range Bitcoin is now back below the major $76,000–$78,000 resistance zone. That area had become a critical breakout level after capping multiple rally attempts since February. As long as BTC remains below $76,000, the market is likely to stay range-bound. Key downside levels to watch include: $73,000 as near-term support$70,000 as a major psychological level$68,000 if geopolitical tensions escalate further A move back above $76,000 would still reopen the path toward $80,000 and beyond. Altcoins Remain Relatively Resilient Despite Bitcoin’s pullback, some major altcoins have held up relatively well. Ether remains positive on a weekly basis, while XRP, BNB, and Solana are still outperforming Bitcoin over the past seven days.