Bitcoin's price fell back after reaching $73,927 on Friday, declining nearly 2% as market risk sentiment weakened. Despite the price drop, Bitcoin spot ETFs have recorded net inflows for five consecutive trading days.
Trump Issues Warning to Iran
Former US President Donald Trump warned that if Iran continues to block the vital global oil transport route of the Strait of Hormuz, its energy facilities could become targets for attacks. Iran's Kharg Island handles over 90% of the country's crude oil exports and is a critical node in its energy system. Since the outbreak of regional conflicts, international oil prices have risen by more than 40%, putting greater pressure on global markets. In response, Iran stated that if its energy facilities on Kharg Island are attacked, it may retaliate against oil infrastructure associated with the United States.
According to Polymarket, Iran is considering allowing oil transport through the Strait of Hormuz, but only if transactions are settled in renminbi rather than US dollars, further escalating tensions in the global energy market.
Bitcoin ETFs Continue to Attract Funds
Despite the pullback in Bitcoin's price, institutional demand for Bitcoin allocation remains strong. On March 14 alone, Bitcoin spot ETFs recorded a net inflow of $180.4 million. The iShares Bitcoin Trust (IBIT), managed by BlackRock, contributed the largest share, attracting approximately $600 million in the past five days.
Bitcoin Faces Technical Challenges, Testing $66,000
Currently, Bitcoin's price fluctuates between $66,000 and $72,000. Analysts point out that if Bitcoin fails to break through the upper resistance of this range and falls below the support level, the price could further drop to $55,000.
Escalating geopolitical tensions, particularly the uncertainty surrounding Iran, have led to a decline in market risk appetite, which is the main reason for Bitcoin's price drop. Investors tend to avoid high-volatility assets like Bitcoin.
Despite facing geopolitical pressures, US Bitcoin spot ETFs have cumulatively attracted approximately $763 million in inflows over the past five days, indicating sustained interest from institutional investors in cryptocurrencies.