On Monday, the price of Bitcoin (BTC) dropped to its lowest level in seven weeks amid fading hopes for a peace deal between the US and Iran. According to TradingView, the BTC/USD pair recorded a level around $71,000 for the first time since mid-April. This is reported by Cointelegraph.com reports .
The market decline followed news that a 60-day ceasefire agreement aimed at halting the conflict between the US and Iran would not materialize. The analytical resource The Kobeissi Letter highlighted the sharp turn of events on the social network X.
Analysts point to statements made by US President Donald Trump over the weekend. Donald Trump had said nine days ago that a deal with Iran would happen "soon," but recent rhetoric suggests otherwise.
Against the backdrop of this geopolitical situation, the price of WTI crude oil approached $95, bringing inflationary pressure back to the agenda. The stock market has so far managed to avoid major losses, and the S&P 500 index continues to absorb the turbulence surrounding Iran.
Bitcoin failed to benefit from positive US manufacturing data that has supported the crypto market since February. Usually, such economic growth indicators would positively affect the BTC price, but this time geopolitical risks prevailed.
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