Analysis: Bitcoin has fallen back to $76k amid repeated impacts from Middle East tensions, as the Strait of Hormuz is once again closed, triggering market volatility.

ME News Report, April 18 (UTC+8), affected by the ongoing Middle East situation, Bitcoin’s price retreated to around $76k. Previously, Iran temporarily announced the opening of the Strait of Hormuz, triggering a rise in risk assets and a large-scale short squeeze, but then closed the passage again, causing market sentiment to quickly reverse. Data shows that this round of market activity triggered one of the largest liquidation events since 2026, with approximately 168,336 traders being liquidated, totaling $762 million, of which short positions accounted for about $593 million, nearly three-quarters. During the upward phase, crude oil prices fell nearly 10%, pushing Bitcoin through the critical resistance zone of $76k to $78k; but as the Strait of Hormuz re-entered military control, several oil tankers turned around, safe-haven sentiment increased, and prices retreated accordingly. Structurally, this rally was driven by long-term negative funding rates, with shorts continuously paying longs, accumulating squeeze conditions. Despite the short-term correction, Bitcoin’s weekly chart still maintains about a 4.5% increase, with mainstream assets like Ethereum performing relatively more steadily. Currently, market focus has shifted to the key support level of $76k; if the weekly close remains above this level, it may sustain a breakout structure; if it falls below, prices could return to the range of consolidation since March. (Source: PANews)