Bitcoin held near the $80,000 mark on Monday after President Donald Trump rejected Iran’s latest response to a U.S. peace plan.
The move kept traders focused on the conflict, oil prices, and the Strait of Hormuz. Trump called the Iranian counterproposal “TOTALLY UNACCEPTABLE” after Tehran pushed for compensation, sanctions relief, an end to the blockade, and recognition of its control over the strait.
Bitcoin ($BTC) first fell from $81,430 to $80,520 within 45 minutes of Trump’s post, then climbed to $82,347 less than three hours later, according to crypto.news data. The rebound wiped out nearly $410 million over 24 hours, based on Coinglass data.
Hormuz tensions keep risk assets on edge
The Strait of Hormuz remains central to the market reaction. Reuters reported that the waterway carried one-fifth of global oil and liquefied natural gas flows before the war began on February 28.
Oil prices jumped more than $4 a barrel after Trump rejected Iran’s proposal, showing that energy markets are still reacting quickly to each new statement from Washington or Tehran.
The dollar also gained for a second day in Asian trading as strong U.S. jobs data and safe-haven demand supported the currency. Brent crude rose 4.5% to $105.85 a barrel after the rejection. That mix of higher oil, a stronger dollar, and war uncertainty left Bitcoin trading in a tight but volatile range.
Repeated pattern
Recent crypto.news coverage had already linked Bitcoin’s $80,000 test to Iran headlines. On May 1, crypto.news reported that $BTC rose toward $78,700 after Iran sent a revised peace proposal through Pakistani mediators, easing some oil pressure and improving risk sentiment. The report cited 21Shares chief market strategist Adrian Fritz, who said $80,000 was “quite a resistance” and that a move above $85,000 could show early signs of a broader reversal.
Crypto.news also reported on May 4 that Bitcoin climbed to $80,529 after Trump announced “Project Freedom,” an effort linked to cargo ships affected by the Strait of Hormuz closure.
In an earlier report, crypto.news said Bitcoin’s sharp moves showed how geopolitical headlines continue to drive short-term crypto price action.
Traders watch $85K as next upside test
Analysts are now watching whether Bitcoin can turn $80,000 into support. Crypto Tony posted that there was a 79% chance Bitcoin could hit $85,000 this month, while CoinsProbe said a channel breakout placed the $85,000 target in play.
The downside level remains clear. Several traders are watching $78,000 as the first major support if Bitcoin fails to hold the $80,000 area.
A confirmed move above $82,450 could support another attempt toward $85,000, but a fresh breakdown in U.S.-Iran talks may keep $BTC exposed to fast reversals.
