Bitcoin Hits $75,000 Wall as Onchain Energy Trading Heats Up

Some investors regard Bitcoin as a hedge against inflation and a safe-haven asset, while the CLARITY Act’s progress through the U.S. Congress has raised expectations of greater regulatory certainty for crypto markets. Yet as geopolitical risks rise, capital is currently focusing more on assets directly exposed to supply disruptions, such as oil and copper, leaving Bitcoin with little discernible benefit.

At the time of the latest report, Bitcoin was consolidating near $77,200 and had shown only a limited response to favorable regulatory developments. By contrast, HYPE, the token of decentralized trading platform Hyperliquid, and cryptocurrencies promoting quantum-resistant technology rose despite the broader trend, supported by higher onchain trading volumes and growing demand for privacy.

Bitcoin and global risk assets had recently come under pressure from the conflict involving Iran and concerns over shipping through the Strait of Hormuz. The strait is a vital artery for global crude oil shipments, and the risk of a blockade could drive up oil prices and inflation expectations. As tensions involving Iran eased, capital flowed back into crypto assets and technology stocks, making $76,000 a key dividing line between bullish and bearish sentiment.

After Iran announced the Strait of Hormuz would be fully open during the ceasefire, crude oil prices plunged. Bitcoin first reclaimed $75,000, then broke above $76,000 and briefly reached $78,000, while MicroStrategy shares (MSTR) jumped 12%. Around April 17, Bitcoin quietly set a new 10-week high as futures trading volume and open interest rose significantly. The market is testing resistance at $78,000, while traders are watching whether Bitcoin could reach $88,000 within weeks.

Bitcoin is highly sensitive to global liquidity and risk appetite. The Iran war and the entry of Houthi forces have pushed up oil prices and inflation concerns, potentially forcing the U.S. Federal Reserve to delay interest-rate cuts. Keeping rates elevated would dampen demand for crypto assets and reduce the likelihood of Bitcoin testing $75,000 in the near term.

After fighting escalated on July 19, Bitcoin briefly fell below $65,200 and touched a low of $65,112. Buying returned after Asian markets opened, lifting the price to $67,400. Markets are also watching a weakening U.S. economy, stress in private credit and rising energy costs caused by the war, factors that could keep Bitcoin highly volatile.