ejercito

#BTC ¿Is the rally slowing down? #Iran regains control of #Ormuz and puts the 78K in check

​While many of us continued celebrating the push towards the #78K, the geopolitical landscape has just taken an unexpected turn. The #ejercito Iranian announced that, due to the failure to fulfill promises by the U.S., the Strait of Hormuz is once again under its strict control.

​Why does this affect #Bitcoin❗

​Just a few days ago, the narrative that boosted BTC was the easing in the Middle East and the reopening of this maritime route. That market confidence has now vanished.

​It's important to understand the magnitude: 20 million barrels of crude pass through Hormuz daily (almost 20% of the world's supply).

If the area becomes tense: ​Oil prices rise. ​Inflation expectations soar. And ​the Federal Reserve faces complications in its discourse of lowering interest rates.

​The technical outlook
​The macro support that sustained this rise has weakened. Although the immediate market reaction will depend on the upcoming diplomatic moves between Washington and Tehran, the news is, by nature, bearish.

::​:Key level to watch::: The 73K. If pressure increases, this support will be our last line of defense to maintain the current structure

#ejercito de Pepe