Bitcoin (BTC) faced another rejection at the $69,000 level on Thursday as risk assets weakened amid escalating US–Iran war headlines.
Key points:
- Bitcoin is coming under renewed downside pressure as stocks and gold decline following an address by US President Donald Trump.
- At the same time, a strengthening US dollar is gaining momentum, with expectations of a breakout to yearly highs.
- A trader warned that a continued dollar rebound could push Bitcoin toward fresh lows.
Bitcoin, stocks and gold all declined following US President Donald Trump’s address, with market sentiment turning risk-off.
Data from TradingView showed BTC falling around 2% on the day, with prices dipping to lows near $66,200.
Crypto markets joined stocks and gold in declining after US President Donald Trump’s address to the nation, as expectations of deescalation were unmet.
Instead, Trump’s remarks left open the possibility of further escalation, dampening market sentiment.
“Between threatening Iran’s power plants, suggesting the war could last another two to three weeks, and calling out NATO, there was nothing new,” trading resource The Kobeissi Letter said in a post on X.
“Yet, the market is now trading like the Iran War is ramping up for another month-long escalation. Why? Because he didn’t explicitly de-escalate.”
The Kobeissi Letter described the address as “incredibly puzzling,” warning that it was likely to heighten — rather than ease — market anxiety.
“The market, which had only just begun to stabilize, is now highly unsettled again, with US oil surging back to $104 per barrel, stocks sliding sharply, and the bond market coming under renewed pressure,” it added.
“Ironically, President Trump is now back to solving the problem he fixed earlier this week: How will he contain the market?”
With oil holding firmly above $100 per barrel, US dollar strength also rebounded, with the dollar index pushing back toward the key 100 level.
Typically inversely correlated with Bitcoin, the US Dollar Index (DXY) had already been primed for a stronger recovery after hitting multi-year lows in January.
“DXY stage is set. We are waiting for that breakout confirmation,” trader and analyst Aksel Kibar told followers on X last week, pointing to a potential move toward 104 — a level not seen since April 2025.
Crypto trader BitBull forecast an expansion phase for DXY next, with new lows for risk assets as a result.
Analyst flags repeat BTC bear pattern
Some traders remain focused on Bitcoin’s latest bear flag formation, warning it could be at risk of breaking down. The current price action is closely mirroring a similar bear flag structure that collapsed earlier in 2026.
Commenting on the setup, Keith Alan, co-founder of Material Indicators, said BTC/USD still lacks clear “directional momentum.”
“Structurally, BTC price action is still nearly identical to the prior bear flag structure,” he wrote on X.
“Nothing says that it has to continue to mimic that price behavior, but I’m following it like roadmap until price deviates from that path.”
