Bitcoin price has remained above $78,000 even as fighting between the United States and Iran escalated across the Gulf. According to reports, the U.S. forces have struck multiple Iranian tankers after Iranian forces attempted to hit an American Navy warship.
Iran Threatens Wider Response After U.S. Strikes
As per Iranian media, the US has started targeting Iranian shipping near Kharg Island and the Gulf of Oman. One tanker was reportedly hit near Kharg Island, while another was struck near Jask.
Iran’s Revolutionary Guards responded by threatening oil tankers around ports in Kuwait and Bahrain. In addition, the crews were warned to leave vessels near facilities linked to American forces.
Tehran is also preparing a maritime exclusion zone around the Strait of Hormuz. In response, Iranian officials have said further U.S. attacks could bring retaliation against regional energy assets.
Houthis Expand the Conflict Into Saudi Arabia
The fighting widened as Iran-backed Houthis attacked four cities in southern Saudi Arabia. As per Reuters, drones and missiles targeted an airbase and facilities linked to Saudi energy infrastructure.
During the attack, Saudi authorities said 73 people were injured, while fires were reported at sites in Jazan and Abha. Satellite images also showed smoke rising above affected energy facilities.
The attacks have, however, added another front to a conflict already centered on shipping and oil flows. Saudi-backed Yemeni forces have also renewed operations against Houthi-held areas.
Oil Climbs, but Bitcoin Shows Little Reaction
Energy markets reacted more sharply than Bitcoin as the conflict intensified. Brent crude settled at $98.63 per barrel, rising closer to the $100 threshold.
The Strait of Hormuz remains central to global energy markets because major oil flows normally pass through the waterway. Consequently, the renewed attacks on tankers and regional facilities have raised concerns about further supply disruption.
Bitcoin, however, has remained around the $78,000 area during the latest escalation. Moreover, some crypto analysts still expect Bitcoin to resume its recovery if key resistance levels are reclaimed. According to crypto analyst Ted Pillows, a weekly close above $83,000 could support a move toward $100,000 this year.
BTC/USD 1-day price chart (Source: X)
Concurrently, Pillows also noted that Bitcoin has recently produced a daily golden cross. However, he said declining spot demand remains a concern and needs to improve before a stronger rally develops.
Backing his bullish forecasts, Michaël van de Poppe has also argued that Bitcoin’s recent correction may already be close to completion. Per his analysis, he sees $72,000 to $74,000 as a deeper buying zone if another decline develops.
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