Bitcoin Slides Below $77,000 as Middle East Conflict Escalates

The sudden escalation in the Strait of Hormuz—a vital artery for global energy supplies—drove Brent crude to $94.65 and U.S. West Texas Intermediate to $90.22. As geopolitical risk premiums spiked, crypto markets suffered a cascade of forced selling. CoinGlass data indicates that approximately $115 million in leveraged long positions were liquidated within a single hour as Bitcoin dropped from an intraday high near $79,166 to $76,762.

This market volatility arrives as investors weigh the potential for sustained energy price hikes to influence Federal Reserve policy. With U.S. Treasury yields climbing and the S&P 500 hitting its lowest level since August 4, Bitcoin faces renewed downward pressure. The asset is currently testing support near $76,500; a failure to hold this level could signal further weakness, as traders remain wary of the potential for prolonged military exchanges between Washington and Tehran.