Analysis: Bitcoin fell back to $76,000 due to the ongoing tensions in the Middle East; the renewed closure of the Strait of Hormuz triggered market volatility.

CoinFeed reported on April 18th that, according to CoinDesk, Bitcoin prices fell back to approximately $76,000 due to the fluctuating situation in the Middle East. Previously, Iran's announcement of opening the Strait of Hormuz triggered a surge in risk assets and a massive short squeeze, but the subsequent closure of the strait caused a rapid reversal in market sentiment. Data shows that this round of price action triggered one of the largest liquidation events since 2026, with approximately 168,336 traders liquidated for a total of $762 million, of which short positions accounted for approximately $593 million, nearly three-quarters. During the upward phase, crude oil prices fell by nearly 10%, pushing Bitcoin above the key resistance level of $76,000 to $78,000; however, as the Strait of Hormuz returned to military control and several oil tankers turned back, risk aversion increased, and prices subsequently fell.