Bitcoin (CRYPTO: BTC) slipped below $71,000 on Monday after President Trump ordered the U.S. to join Iran in blockading the Strait of Hormuz.

The Profit-Taking Pressure

Blockchain analytics firm Glassnode reports that traders are selling more than $20 million worth of Bitcoin per hour to lock in profits.

The message is clear: the $70,000 to $80,000 band is less a battleground of conviction and more a persistent distribution zone, as traders have treated it since February.

The Trump Blockade

Crypto prices came under further pressure during U.S. morning hours on Sunday after President Trump announced a blockade of the Strait of Hormuz.

“Effective immediately, the United States Navy will begin the process of blockading any and all ships trying to enter, or leave, the Strait of Hormuz,” the president said in a social media post. 

Iran has already prevented most maritime traffic from transiting the strait since the U.S. launched airstrikes at the end of February.

The president’s move came hours after Vice President JD Vance late Saturday announced that U.S. and Iranian negotiators had failed to agree to an extended ceasefire after long weekend meetings in Pakistan.

The Technical Picture

For the first time since October 2025, the chart is starting to show something that resembles hope rather than just damage control.

Price has pushed through the upper boundary of the descending red channel that has defined the entire bear trend from $128,000 and is now sitting just above it—a breakout retest in progress. 

The SAR at $67,874 has flipped below price, a clean daily bullish signal.

The 20 EMA at $70,105 and 50 EMA at $70,724 are both essentially at current price, forming a dynamic support cluster. Holding above both on a daily close would be significant.

Key support sits at $70,105 (20 EMA), then $67,874 (SAR), then $68,000 (channel top). Resistance clusters at $75,221 (100 EMA), then $83,271 (200 EMA).

The channel breakout is confirmed, but it only counts if Bitcoin closes the week above $70,000. Everything depends on that.

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