Bitcoin rises on Iran war resolution news. The US Senate advanced a joint resolution that could require President Trump to seek congressional approval to continue the Iran war.
As a result, Bitcoin and US stock futures are climbing on Wednesday.
Bitcoin reclaims $77,000
Bitcoin jumped back above $77,300 today. Oil prices also fell sharply below $103 per barrel over the last few hours.
Why the move? The Senate advanced the war powers resolution. According to the New York Times, the vote was 50 in favor and 47 against. Four Republicans sided with Democrats. This marks a victory for lawmakers who argue that Congress, not the president, should have the power to send troops to war.
However, this was only a procedural vote. The resolution still needs to pass the Republican‑led House. Even then, the bill requires two‑thirds majorities in both chambers to survive an expected Trump veto.
Senator Bill Cassidy said he supports the administration’s actions against Iran’s nuclear program. Nevertheless, he noted that the White House and Pentagon have left Congress in the dark on Operation Epic Fury.
Why Bitcoin rises on Iran war resolution
Bitcoin’s price jumped 1% in a few hours after the Senate vote. The 24‑hour low and high are $76,082 and $77,325. Trading volume decreased by 31% over the last 24 hours. This suggests a decline in interest ahead of the FOMC minutes release.
US futures are opening higher today. Therefore, crypto stocks could bounce. Currently, Bitcoin is bouncing from the 50‑day moving average on the daily chart. Analysts expect BTC to hold current levels for a few days before possibly falling toward $75K by May‑end.
CoinGlass data shows selling in the derivatives market. Total Bitcoin futures open interest fell 0.89% to $56.59 billion in the last 24 hours. BTC futures OI on CME and Binance dropped more than 1.38% and 0.68%, respectively. This signals caution among derivatives traders.