Bitcoin Drops to $75,000 as Geopolitical Tensions Rise Following Hormuz Closure

Bitcoin is currently struggling to reclaim the $80,000 level, as recent price action signals a rejection phase rather than a sustained recovery. The cryptocurrency is stagnating beneath a declining resistance trendline that has suppressed price movements for several months, compounding the pressure from geopolitical tensions in the Strait of Hormuz. This technical stagnation follows a significant $3 billion plunge in Open Interest, which previously highlighted a massive deleveraging event in the derivatives market. Meanwhile, sentiment remains cautious as Polymarket traders assign only a 31% probability of BTC hitting $80,000 by 2026. Analysts are focusing on whether Bitcoin can break through this long-term resistance or if the lack of organic spot demand will lead to further consolidation. The interplay between technical barriers and macroeconomic uncertainty continues to define the current market environment.