Bitcoin prices fell below $67,000 to $66,770 on Thursday morning following Donald Trump’s update on the war with Iran.
“We are on track to achieve all of America’s military goals very soon, very soon,” the president said at the White House on Wednesday. “We’re going to attack it very hard over the next two to three weeks,” he added.
The president said the United States imports little oil through the Strait of Hormuz and will not do so in the future.
“There was nothing new between threatening Iranian power plants, saying the Iran war would last a few more weeks, and calling for NATO,” the Kobisi letter said.
“Yet the market is now trading as if the Iran war is accelerating towards another month of escalation. Why? Because he did not explicitly de-escalate tensions.”
Selling pressure remains high
Cryptocurrency and stock futures plummeted, while oil prices once again soared above $100 a barrel, further straining the economies of countries dependent on the Middle East for fuel supplies.
Zooming out, we can see that Bitcoin is still in the middle of a two-month range-bound channel, with no major panic selling occurring since early February.
🚨The market after President Trump’s speech.
A ceasefire has not been reached, the war will continue for a few more weeks, and the Strait of Hormuz remains closed.
The Nasdaq fell 1.40% to 23,758.
Bitcoin fell 2.28% to $67,202.
Gold fell 2.90% to $4,692.Crude oil rose 6% to $103.51.
That’s a quick jump from $98 for a single operation.That’s all… pic.twitter.com/CubY55u3fg
— Bull Theory (@Bull Theoryio) April 2, 2026
However, CryptoQuant observed that Bitcoin whales have turned from buyers to sellers. Those with wallets containing 1,000 to 10,000 coins $BTC Currently being distributed, the number of one-year tickets held has decreased by 188,000. $BTC After exceeding 200,000 $BTC He pointed out that the cumulative amount will increase in 2024.
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“This is not short-term. The 365-day trend is declining, indicating structural selling pressure.”
Overall, despite the acceleration in ETF and strategy purchases, spot demand for Bitcoin is still in “significant contraction,” it said, adding that the subsequent 30-day apparent demand growth is -63,000. $BTC“Suggests that broader market selling pressure continues to outweigh institutional accumulation.”
In another post, CryptoQuant analyst “Wu Minkyu” said that Bitcoin’s “profit supply” has hit a multi-year low, while its “loss supply” is surging. “This correction historically marks the final stage of a market correction,” they said.
Elsewhere in the crypto market
Ethereum price once again fell below $2,100, but remained above the psychological level of $2,000 at the time of writing.
Altcoins were hit hard as usual, with losses for BNB, Solana, Bitcoin Cash, HyperLiquid, and Canton even bigger.
“Everything that was rallying around the hope for peace sold quickly,” says the “bull theory.”
