Overview
- Bitcoin fell to about $70,600 Sunday after President Trump confirmed a naval blockade of the Strait of Hormuz, while oil jumped roughly 8% to 10% and U.S. stock futures fell.
- The price recovered to roughly $72,100 during U.S. trading Monday as reports said Iran may drop uranium enrichment and the blockade began at 10 a.m. ET.
- Futures risk shrank into the drop, with bitcoin open interest sliding from $54.8 billion to $51.4 billion, and Glassnode tracking more than $20 million an hour in profit-taking above $70,000.
- Leverage had built earlier in the week when major exchanges saw large open‑interest inflows on April 9, yet analysts reported weak aggressive buying, a mix that leaves rallies easy to fade.
- Institutional demand stayed active last week, with MicroStrategy purchasing about $330 million of BTC and U.S. spot ETFs taking in about $787 million, while traders watch support near the 50‑day average around $70,700 and resistance at $73,000–$75,000 and $76,000–$79,000.