Bitcoin Drops to $76,000 After Iran Closes Hormuz Strait Again

One of the most substantial short squeezes of 2026 happened in a single session. Bitcoin reached $78,000 late Friday, triggering $762 million in liquidations across 168,336 traders, with $593 million of that on the short side. By Saturday evening, bitcoin had retreated to $76,091, up just 0.8% on the day, after Iran announced the closure of the Strait of Hormuz to maritime traffic. The move came less than 24 hours after the foreign minister declared it fully open. Two tanker owners reported receiving Iranian radio transmissions shutting the waterway, with one supertanker experiencing gunfire and aborting transit. The Hormuz closure was in response to a U.S. blockade of Iranian shipping. Several oil tankers turned back after initially racing toward the strait on the reopening news. Friday's rally ended in a $590 million shorts rout, with bets on bitcoin accounting for $381 million in liquidations. The setup had been building for weeks, with funding rates on bitcoin perpetuals pinned negative. The Hormuz reopening was the catalyst that flipped it. Crude oil dropped nearly 10% to $85.90 per barrel, and bitcoin broke above the $76,000-$78,000 zone. However, the market pattern is now familiar, with ceasefire headlines driving a rally, but a reversal headline arriving before the breakout can consolidate. Ether held up better than bitcoin on the retreat, down just 0.2% over 24 hours, while solana dropped 1.3% and dogecoin fell 2.1%. The question now is whether the $76,000 zone will hold into Monday's open. A clean weekly close above $76K would preserve the structural break, even if the peace trade keeps whipsawing.