Developments in the cryptocurrency market during the day led to a sharp price fluctuation in Bitcoin. US President Donald Trump’s suspension of possible peace talks with Iran by canceling the plan to send special representatives to Pakistan reshaped the expectations in the market. Following this decision, the Bitcoin price fell below the $ 78,000 level after a short-term rise.
Sudden change in US-Iran talks
Donald Trump canceled special envoys Steve Witkoff and Jared Kushner’s meeting with Iranian officials in Pakistan. FOX reporter Aishah Hasnie reported that Trump announced this decision on the X platform. Trump stated that he told his team that there was no need for an 18-hour trip for the meeting. This development came to the fore immediately after Iranian Foreign Minister Abbas Araghchi completed his contacts in Pakistan and left the country. The postponement of the planned talks between the two parties to a later date increased the impact of geopolitical risks on the markets.
In his statement on his social media account Truth Social, Trump claimed that they made this decision due to waste of time and that there was confusion in the Iranian leadership. He also stated that Iran could reach out to the United States if talks were needed.
Instant price drop in Bitcoin and its effects on the market
Following these updates, Bitcoin fell from $ 78,000 to $ 77,200 with a short-term loss during the session. According to CryptoAppsy data, Bitcoin traded at $ 77,200 after the news and fell below the $ 78,000 threshold. The price’s decline to this level has led to a retest of the momentum gains observed in recent weeks.
“After Trump’s statements, the Bitcoin price lost the $ 78,000 band in a short time and fell to $ 77,200; uncertainty and cautious price movements came to the fore in the market.”
With the price drop, there was a clear slowdown in transaction volumes. Total 24-hour volume fell by nearly 40 percent to $18 billion. This decline in volume showed that investors were more cautious in short-term uncertainties. Despite this, Bitcoin has seen an increase of approximately 10 percent in the last month.
Geopolitical risks and technical levels stand out
In his interview with Axios, Trump stated that the canceled talks did not mean that the USA would start a war with Iran again, which helped to restrain the widespread risk perception in the market to some extent. However, it was reported that investors continue to closely monitor the peace process in the region. It was announced that the ceasefire declared between the USA and Iran was extended indefinitely by Trump, and that the ceasefire, which was previously planned for two weeks, would continue on April 22.
However, as the US’s financial sanctions against Iran continued, the freezing of $344 million worth of Tether as one of the last steps attracted attention. It was also stated that Iran suffered a daily loss of approximately 500 million dollars due to the economic blockade imposed by the USA in the Strait of Hormuz.
According to analysts, Bitcoin faces a critical resistance at the $80,000 level in the short term. If this point is exceeded, it seems possible that the price will move towards $ 90,000 again. Market analyst Ash Crypto pointed out that the MACD positive intersection occurred on Bitcoin’s weekly chart for the first time in about five months, signaling a strengthening in the price trend. However, geopolitical uncertainties and sudden policy changes continue to suppress risk appetite.
