Key TakeawaysBTC retreated to $70,623 over the weekend following the U.S. blockade announcement in the Strait of HormuzDiplomatic negotiations between Washington and Tehran broke down when Iran declined to halt its nuclear programCrude oil prices surged 9.5% to $105 per barrel in the first half-hour after U.S. futures trading commencedOpen Interest in Bitcoin futures contracts declined to $51.39 billion from the previous day’s $54.82 billionBTC has gained 7.4% since hostilities commenced between the U.S. and Iran on February 28Bitcoin experienced a decline to $70,623 over the weekend as the United States declared a naval blockade targeting the Strait of Hormuz. This development followed the collapse of diplomatic efforts between Washington and Tehran.[[IMG_2]]Bitcoin (BTC) PricePresident Donald Trump validated the blockade through a Truth Social announcement, stating that Iran’s refusal to terminate its nuclear weapons development was the singular critical obstacle in negotiations.Vice President J.D. Vance disclosed late Saturday that diplomatic discussions held in Pakistan yielded no progress toward an extended cessation of hostilities. Bitcoin maintained levels above $73,000 throughout most of Saturday before experiencing a sharp correction.$BTC Falls Under $72,000 After US Vice President JD Vance said the US failed to reach a deal with Iran during the Pakistan talks.JD Vance said: “We Negotiated in Good Faith And Offered the best We Could to the Iranians.”My View: I Already said Bitcoin must break the $76,000… https://t.co/ExT2Du7zQD pic.twitter.com/AAkLWzOSUl— Crypto Patel (@CryptoPatel) April 12, 2026Following the blockade confirmation, BTC descended to approximately $70,900 — representing a 2.5% decline across a 24-hour period. The cryptocurrency extended losses to $70,623 as U.S. futures trading commenced Sunday.Crude oil jumped 9.5% to reach $105 per barrel in the initial 30 minutes of market activity. Brent crude touched $98 on Monday as the geopolitical standoff persisted.BTC Maintains Position Above $70K ThresholdBy Monday trading hours, Bitcoin had recovered above the $71,000 mark, sustaining its position above the 50-day Exponential Moving Average (EMA) situated at $70,753. This technical indicator is currently functioning as immediate support.Open Interest in Bitcoin futures contracts retreated to $51.39 billion on Monday, based on CoinGlass analytics. This represents a decline from the prior day’s $54.82 billion, indicating diminished appetite for leveraged positions among market participants.[[IMG_3]]Source: CoinglassThe Relative Strength Index (RSI) currently registers at 54, indicating moderate bullish momentum. The MACD indicator continues trading in positive territory, signaling a potential reduction in selling pressure.Bitcoin’s Performance During the Conflict PeriodBitcoin has appreciated approximately 7.4% from the conflict’s inception on February 28, when a U.S. military strike resulted in the death of Iranian Supreme Leader Ayatollah Ali Khamenei. Bitcoin was changing hands around $71,194 during recent trading.[[IMG_4]]Source: RiverThis performance positions Bitcoin favorably compared to both the S&P 500 index and gold during the identical timeframe.The Strait of Hormuz facilitates approximately 20% of worldwide petroleum commerce. Supply chain disruptions in this strategic waterway have created volatility across financial markets throughout the past six weeks.A confirmed daily close exceeding $73,000 could establish a trajectory toward $75,623 — representing the 23.6% Fibonacci retracement level calculated from Bitcoin’s descent from $126,200 to $60,000. Critical support on the downside persists at the 50-day EMA near $70,753. A breach beneath this technical level could trigger movement toward $60,000.Bitcoin achieved its record peak of $126,080 during October trading.The post Bitcoin (BTC) Slips Under $71K Following U.S. Naval Blockade in Hormuz Strait appeared first on Blockonomi.