Bitcoin price selling pressure just got a lot worse. Oil prices exploded 11% higher on Friday, climbing above $111 per barrel. The reason? A dramatic diplomatic failure at the United Nations.
Why Bitcoin Price Selling Pressure Is Rising Fast
Three permanent UN Security Council members “Russia, China, and France” blocked an Arab-backed resolution. That resolution would have authorized military force to reopen the Strait of Hormuz. Instead, it’s dead in the water. Voting is now pushed to Saturday.
Consequently, oil went parabolic. The US-Israeli war against Iran continues with no end in sight. US intelligence reveals that 50% of Iran’s missile launchers and thousands of attack drones remain intact. Worse, Iran’s coastal defense cruise missiles are still operational. That means the Strait of Hormuz stays closed.
The International Energy Agency just called this energy crisis “the worst in history.” Europe is set to get hit hardest.
Bitcoin Slides Below $67K
Unsurprisingly, Bitcoin is feeling the heat. The price just hit $66,504 down over 3% on the day. The 24-hour low touched $65,725. Trading volume dropped another 12% as traders brace for options expiry and Nonfarm Payrolls data.
Technicals look ugly. Bitcoin is now trading below the 21-day EMA, 55-day EMA, and 200-day EMA. That’s a rare triple whammy. Analyst Caleb Franzen warns the bearish flag formation could lead to a crash. Key support levels to watch: $66,000 and then $60,000.
Miners and Treasuries Add Fuel to the Fire
Here’s an extra layer of selling pressure. Major miners like Marathon, Riot, Hut 8, and Core Scientific are dumping BTC to buy AI infrastructure. Some corporate treasuries are also reducing crypto exposure. The one exception? Metaplanet they just expanded their Bitcoin holdings to 40,177 BTC. A lone bull in a sea of red.
My Thoughts
This is macro pain, plain and simple. Oil at $111 is a tax on every risk asset. The UN resolution failing means the Strait of Hormuz stays blocked for the foreseeable future. That’s not priced in yet. Bitcoin’s breakdown below all three major EMAs is technically significant. If $66K fails, $60K becomes the next real test. Miners selling for AI infrastructure is a new twist, they’re not capitulating, they’re reallocating. That could extend the bleeding. For now, cash is king. Watch the UN vote tomorrow. Any shift could spark violent reversals.
