Bitcoin Price Drops to $76,000 Following Iran's Re-closure of Hormuz Strait

The year's largest short squeeze took place in a single session, with Bitcoin reaching $78,000 on Friday before pulling back to $76,091 by Saturday evening. This decline came after Iran announced the re-closure of the Strait of Hormuz, just hours after its foreign minister declared it open. The move led to a $762 million liquidation of 168,336 traders, with $593 million of that being short positions. The situation is now being closely watched to see if Bitcoin can hold above the $76,000 level, which would preserve the structural break despite the recent volatility.