Bitcoin price drops to $75K as new Hormuz closure puts focus on oil

Burns Brief

Bitcoin foreshadows fresh market mayhem as it appears that the US-Iran war has returned, including the closure of the Strait of Hormuz oil route The news has rattled market participants, with bears looking to push prices lower while bulls attempt to defend key support levels. Watch $BTC for reaction — a decisive move above or below key levels will confirm the next trend.