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Bitcoin fell below $71,000 after U.S. strikes near Iran’s Kharg Island shook global markets.
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U.S. spot Bitcoin ETFs saw $763.4 million inflows over five days despite market volatility.
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Analysts say Bitcoin trades between $66K and $72K, with potential drop toward $55K if support breaks.
Flagship cryptocurrency Bitcoin price dropped today below $71,000, after the U.S. bombed military targets on Kharg Island, near Iran’s main crude export facility.
The price of Bitcoin erased the gains it made on Friday when it reached $73,927, falling nearly 2% as risk sentiment weakened across markets. Despite this drop, Bitcoin ETFs continue to see inflows for the last 5 straight days.
Trump Warns of Strikes on Iran’s Kharg Island
In a post on Truth Social, Trump said U.S. forces carried out major bombing operations targeting military positions on Kharg Island, a strategic location near Iran’s primary oil export infrastructure.
He warned that energy facilities on the island could become targets if Iran continues to block the Strait of Hormuz, a key global oil shipping route. Kharg Island handles more than 90% of Iran’s crude oil exports, making it one of the most critical locations in the country’s energy system.
Oil prices have already surged more than 40% since the conflict began, increasing pressure on global markets.
Iran responded by warning that it could attack oil infrastructure linked to the United States if energy facilities on Kharg Island are targeted.
Polymarket reports also indicate that Iran is considering allowing oil shipments through the Strait of Hormuz only if payments are made in Chinese yuan instead of U.S. dollars, adding another layer of tension to global energy markets.
The cryptocurrency is currently moving within a price channel between $66,000 and $72,000.
If Bitcoin fails to break above the upper resistance of this range and falls below support, the analyst says the price could potentially decline toward $55,000.