Bitcoin Falls Below $75K After US-Iran Memorandum Lifts Stocks

Bitcoin slipped below $75,000 at Wednesday’s Wall Street open as markets reacted to a US-Iran memorandum intended to reduce regional tensions. BTC/USD fell as much as 1.2% on the day, moving toward week-to-date lows while major U.S. stock indexes hit fresh highs.

The memorandum includes a 60-day negotiation window and provisions to reopen the Strait of Hormuz, measures that market participants said reduced near-term supply risks for oil. U.S. WTI crude traded as low as $87.77 per barrel, the weakest level since April 22.

Despite the rally in equities, Bitcoin tracked lower alongside oil rather than joining stocks. Traders noted that BTC has diverged from U.S. equities in recent weeks and continued to move differently on Wednesday.

Order-book data showed liquidity concentrated on both sides of the price. Trader Daan Crypto Trades wrote that Bitcoin was “indecisive” about whether to follow stocks or commodities. A trading analytics account observed that most liquidity sat above the market but was spread evenly, while a large liquidation cluster sat around $74,000 and could pull price lower.

Some market commentators described the price action as weak. One commentator labeled Bitcoin “weak and bearish” and flagged a possible move toward $72,000. A trading analytics provider highlighted a potential death cross forming between the 21-day and 50-day simple moving averages on daily charts.

Other technical views differed. Analyst Eric Coleman noted that Bitcoin was retesting the top of an ascending-triangle pattern on daily time frames and that the broader trend would remain bullish while price stayed above the horizontal level and trendline support.

On exchanges, liquidity maps and liquidation heatmaps showed clusters of positions above and below the price, creating the potential for rapid moves if either side was swept. Market participants warned that technical indicators and order-book dynamics could drive short-term volatility.