Bitcoin fell from a 13-week high near $83K after US-Iran ceasefire uncertainty triggered volatility across crypto and oil markets.
Bitcoin News
Bitcoin (BTC) reached a new 13-week local high of $82,833 on May 6, before reversing as uncertainty over a US-Iran ceasefire shifted market sentiment. The pair traded near $81,500 following the reversal, still up approximately 1% on the day. Earlier gains were linked to reports of a 14-point ceasefire framework that could have included the reopening of oil traffic through the Strait of Hormuz.
US President Donald Trump cast doubt on those reports in a post on Truth Social, describing Iran's reported agreement to the terms as "perhaps, a big assumption." He warned that a failure to reach a deal would lead to resumed military action at greater intensity. BTC erased its session gains shortly after the remarks were published.
Oil Volatility Follows Geopolitical Uncertainty
Oil markets saw sharp intraday swings tied to the same developments. West Texas Intermediate (WTI) crude dropped more than 10% within hours before rising to around $96 per barrel. Trading resource The Kobeissi Letter reported on X that short interest on WTI reached nearly $1 billion immediately before the drop, which it described as unusually large.
Total crypto liquidations over the prior 24 hours exceeded $550 million, according to CoinGlass data. Short liquidations accounted for approximately $400 million of that figure. The data reflects the volatility of the session as BTC briefly hit multi-month highs before pulling back.
Traders Watch $78K as Key Support Level
Bitcoin traders shifted focus to liquidity levels on exchange order books as price action stalled below $83,000. Trader Daan Crypto Trades noted on X that the $82,400 area still held some remaining liquidity on the upside. He identified $80,100 and $78,200 as the key levels to watch on any further downside move.
Trader CrypNuevo described BTC as overextended on short timeframes and pointed to the 50-period simple moving average (SMA) on the four-hour chart as a likely retracement target. That level stood at $78,432 at the time of the post. He added that continued upside without signs of exhaustion could push price higher before a more defined setup emerges.
The $83,000 rejection leaves BTC's breakout attempt unresolved, with further price direction appearing tied to developments in US-Iran diplomatic talks and whether demand holds at the key support levels below current prices.
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