Bitcoin (BTC) remained below $62,000 after Wednesday’s opening on Wall Street as US President Donald Trump shut down a key global oil route.

Key points:

• Bitcoin falls to $61,500 as Trump says ceasefire with Iran ‘is over’.
• Both sides are reportedly threatening to close the Strait of Hormuz, causing oil prices to soar.
• Bitcoin traders expect recent lows, but analysis shows Trump later soothes sentiment.

Bitcoin Gives Back Gains as Trump Says Iran Ceasefire ‘Is Over’

Data from TradingView showed that the daily price decline of BTC is hovering around 2.5% due to the market reaction to the collapse of the ceasefire between the US and Iran.

BTC/USD Hourly Chart. Source: Cointelegraph/TradingView

“For me, I think it’s over,” Trump said of the ceasefire during a news conference at the NATO summit in Ankara, Turkey.

Additional reports he claimed that both the US and Iran are considering re-imposing a blockade of the Strait of Hormuz oil route.

American WTI crude oil exceeded $75 per barrel that day, reaching its highest level since June 22.

CFDs on the four-hour chart of US WTI crude oil. Source: Cointelegraph/TradingView

Recent events had an immediate impact on expectations regarding the financial policy moves of the US Federal Reserve.

The latest data from the CME Group FedWatch tool showed an increasing likelihood of an interest rate escalate at the Fed’s September meeting, with rates still expected to remain at current levels in July.

Fed target rate probabilities (screenshot). Source: CME Group

Users of the prediction service KalshiMeanwhile, they estimate the chances of a raise in 2026 at 55%.

The trader identifies $61,000 as the “key” BTC price level

Commenting, cryptocurrency trader and analyst Michaël Van de Poppe predicted a retest of Bitcoin at $61,000.

Related: BTC speculators in the spotlight as analysis indicates a ‘textbook Bitcoin bottom’ is underway.

“This happens and then 1-2 days later we are in talks again. And the markets turn around,” he wrote in a post on X.

Earlier, Van de Poppe said that there was “no problem” in BTC’s price action.

“The price remains above $60,000 despite the fact that the Middle East has reactivated the war. Beyond that, as long as this remains a relatively shallow correction, I don’t think we will start to see lower levels in the markets,” he said. he wrote.

“For me, the key level is the $61,000 area.”

BTC/USDT 1-day chart. Source: Michaël Van de Poppe/X

Anticipation was growing among traders regarding the breaking of recent local lows.

“Tensions with Iran are erupting again as the BTC dollar tries to regain previous lows. It’s starting to look like we’re getting the cheaper accumulation opportunities we’ve been hoping for,” trader Jelle he said X followers

BTC/USD 1-day chart. Source: Jelle/X