Bitcoin and XRP prices on Thursday turned cautious as geopolitical tensions resurfaced and weighed on the digital assets. The global market value of cryptocurrencies fell by 1.41% within 24 hours to $2.41 trillion. The reversal came after news that Iran had closed the Strait of Hormuz again.
Bitcoin price managed to hold strongly above the important support level of $71,000 despite renewed volatility. After a short phase of broader market consolidation, XRP continued to support the level above $1.33.
The previous momentum came after the United States and Iran signed a temporary ceasefire for two weeks. President Donald Trump Confirm a 14-day pause regarding the planned military strikes during discussions with Pakistani leaders.
The proposed knowledge requires that the Strait of Hormuz be opened urgently and safely. This narrow waterway facilitates approximately 20% of global oil shipments and plays a vital economic role. Energy markets began to rally as fears of prolonged turmoil appeared to have faded.
Iran closes the Strait of Hormuz again after ceasefire agreement
Shortly after the ceasefire was announced, Iranian state media reported a renewed closure of the crossing Strait of Hormuz. This move allegedly came after Israeli military activities against positions in Lebanon.
An Iranian official threatened to shoot down foreign ships that would illegally enter the disputed sea route. The official stated that any ships that violate Iran’s orders could have serious consequences.
Urgent: Iran closed the Strait of Hormuz again less than 24 hours after agreeing to reopen it as part of the ceasefire agreement.
Israel continued to bomb Lebanon after the ceasefire was announced, which Iran says is a direct violation of the agreement.
Arab Gulf countries… pic.twitter.com/SKTTWWA46G
– Bull Theory (@BullTheoryio) April 8, 2026
The reimposed blockade has revived fears of increased oil costs and greater economic disruption. Cryptocurrency traders responded with moderate selling to weak risk appetite in global markets. Bitcoin and XRP are now on the verge of breaking major technical indicators as investors monitor the diplomatic process.
Will Bitcoin price rise to $75,000 as data indicates buying activity?
Bitcoin’s price is still up about 7% over the past week despite short-term market weakness. Over the past 24 hours, the cryptocurrency fell 0.92% to trade at $70,857.
if BTC long term forecast Holding above $70,500 could open a retest of $72,000 to $73,000 soon.
Strong bullish momentum could push prices beyond $75,000 if Iran opens the Strait of Hormuz again. However, a break below the support level threatens to slide towards $70,000 or even $68,000. Bitcoin saw a significant increase in borrower buying volume on Binance as prices rose to the 72,000 level.
According to CryptoQuant, the recent breakout of over 70,000 was accompanied by intense buying in the market. A buy-side buying surge signals a new wave of upside as traders prepare for further gains.
XRP price returns to $1.40 soon if the bulls can hold this support
the The price of XRP remains At around $1,335 at the time of writing after relatively small movement on the four-hour chart.
The MACD indicator reveals a weak bullish crossover, but the chart strength is weak. The RSI is hovering around the neutral 50 mark, indicating balanced momentum.
If the XRP price remains stable above $1.30, buyers can target the $1.40 level in the near term. A break above $1.40 could pave the way to $1.45 and even $1.50 in April. Bitcoin and XRP prices now stand at crucial technical levels as geopolitical uncertainty clouds broader market sentiment.
A reopening of the strait would renew risk appetite and spur bullish efforts. However, under long-term conditions, support areas may tense and this keeps traders alert in the short term.
