News View Non-AMP

This is Why Bitcoin is Dumping?

Published by
Mustafa Mulla

The crypto market just got hit hard, dropping to $3.12 trillion, while Bitcoin has plunged below the $100,000 mark, marking its lowest level since early May. This recent drop came in response to the escalating Iran-Israel war, with the U.S. stepping in between.

This has led Iran to close the Strait of Hormuz for the first time since 1972, triggering a sharp dip in Bitcoin’s price.

So, what’s the connection between the Strait of Hormuz and a crypto crash? Let’s break it down.

Geopolitical Tension Hits Bitcoin $100k

The most recent reason behind the bitcoin price crash was that Iran’s parliament has approved a move to block the Strait of Hormuz —a vital passage for about 20% to 30% of the world’s oil supply, which has rattled global markets.

While the decision hasn’t been finalized yet, if closed, then the shipments of 20 plus million barrels of oil per day will be affected and will surge the oil price, possibly even hitting $100 per barrel. 

A spike in oil typically leads to inflation fears and pushes investors away from risky assets like Bitcoin.

As a result, Bitcoin broke below the $100,000 mark after holding strong for 45 days. This break triggered concern across the crypto space, especially among traders with high-leverage positions.

Chart Patterns Confirm the Fear

According to crypto analyst CryptoKid, Bitcoin is showing clear signs of weakness. On the BTC chart, a “double top” pattern has formed, a bearish signal, along with a drop below key support levels.

Because of this, analysts are now keeping an eye on the next important price zones. If Bitcoin continues falling, the next likely support levels are around $97,600 and $93,100 based on Fibonacci retracement levels.

There’s also growing concern that Bitcoin could fall to $91,960, where a CME gap still exists. If that happens, it might lead to more panic selling and liquidations in the market.

Altcoins in the Danger Zone Too

With the bitcoin price hitting hard, altcoins are also seeing some heat. Meanwhile, altcoins like Solana, Dogecoin, and AVAX are also on thin ice as the price has seen in drop of 10%. 

However, the prices are approaching extreme lows—levels not seen since the last bear market. While some see it as a buying opportunity, Crypto Kid advises caution and reducing leverage during uncertain times.

FAQs

How much will 1 Bitcoin cost in 2025?

As per Coinpedia’s BTC price prediction, the Bitcoin price could peak at $168k this year if the bullish sentiment sustains.

How much will 1 Bitcoin be worth in 2030?

With increased adoption, the price of Bitcoin could reach a height of $901,383.47 in 2030.

How much will the price of Bitcoin be in 2040?

As per our latest BTC price analysis, Bitcoin could reach a maximum price of $13,532,059.98

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Recent Posts

Crypto Pullback: Bitcoin Slides Under $114K as Whale Triggers $310M Flash Crash

The global cryptocurrency market cap slipped to $3.95 trillion, a decline of 0.89 percent in…

August 25, 2025

XRP News Today: Ripple Advert With Gemini Exchange & Mastercard Goes Viral As New PayFi Altcoin Surges

XRP News today reports Ripple's new viral ad with Gemini Exchange and Mastercard, which has…

August 25, 2025

Solana, Pi Coin Or Remittix? Which Is The Best Crypto To Buy Now In August

Following Jerome Powell’s address at the Jackson Hole Symposium on August 22nd, which hinted at…

August 24, 2025

Top Meme Coin To Buy Right Now To Be A Crypto Millionaire in 2025 – It’s Not Dogecoin or Shiba Inu

Meme coins are known for their meteoric price booms and have fetched many people immense…

August 24, 2025

Hype Alone Isn’t Enough: Why YZY and MELANIA Won’t 1000x (But ICOs Like XYZ Still Could)

When Kanye West’s YZY token was listed, people expected fireworks. And they got them —…

August 24, 2025

As XRP, Dogecoin, and Cardano Struggle, Ozak AI Emerges as the Next Top Coin to Watch

In 2025, long-established cryptocurrencies, such as XRP, Dogecoin, and Cardano, find it difficult to keep…

August 24, 2025