Bitcoin faced another rejection near the $71,000 level as new geopolitical reports from the Middle East triggered price volatility. The cryptocurrency had surged toward $72,000 following a de-escalation message from President Trump regarding Iran, but it quickly retreated below $70,000. This reversal occurred after reports indicated Saudi Arabia’s Prince Mohammed bin Salman was advocating for continued military action.
Bitcoin’s latest attempt to surpass $71,000 was halted following new developments in the US/Israel-Iran conflict. The price slipped by approximately $1,000 after a report from the New York Times was cited regarding Saudi Arabian pressures.
The Kobeissi Letter reported that Prince Mohammed bin Salman has been “pushing” President Trump to continue the war against Iran. The Saudi leader reportedly stated the military campaign presents a “historic opportunity” to remake the region as Iran poses a long-term threat.
The report further stated the Prince has urged Trump to send troops to Iran to seize energy infrastructure. This news emerged just a day after Trump claimed a deal was reached to halt military action against Iran’s power plants for five days.
Iranian officials denied Trump’s claims, though subsequent reports indicated both parties have been in talks. Separately, another report suggested Saudi Arabia and the UAE are “inching toward” joining the war.
Bitcoin reacted immediately to the initial de-escalation, pushing from $68,000 to almost $72,000. The price then dipped below $70,000 minutes after the news about Prince bin Salman was published.
