Bitcoin (BTC) Price: Falls Below $76,000 as Fed Holds Rates and Trump Rejects Iran Deal

TLDR

• Bitcoin dropped below $76,000 after the Fed held interest rates at 3.5–3.75%
• FOMC minutes cited Middle East tensions as a source of “uncertainty”
• Trump rejected Iran’s offer to reopen the Strait of Hormuz before nuclear talks
• U.S. military strikes on Iran remain on the table, adding pressure to BTC
• Analyst Ted Pillows says $79,000–$80,000 is the key level BTC must reclaim

Bitcoin dropped below $76,000 on Wednesday following two major developments: the Federal Reserve held interest rates steady, and President Trump rejected Iran’s latest peace proposal.

The Fed kept the federal funds rate at 3.5–3.75%. The FOMC minutes pointed to “uncertainty” driven by events in the Middle East as a key reason to hold and wait.

Bitcoin initially fell to an intraday low of $74,937 after the minutes were released. That put it just below the 20-day simple moving average of $75,664, a level traders had been watching closely.

Analyst Ted Pillows (@TedPillows) posted that BTC had retested its support zone and was bouncing. He identified $79,000–$80,000 as the key level to reclaim, warning that failure to do so could send BTC back to $74,000.

Trump Rejects Iran Deal, Strait of Hormuz Remains Blocked

President Trump rejected Iran’s offer to reopen the Strait of Hormuz first and hold nuclear talks later. Trump said the blockade stays until Iran agrees to address U.S. concerns about its nuclear program, describing the blockade as “somewhat more effective than the bombing.”

Trump also posted on Truth Social with the caption “NO MORE MR. NICE GUY,” telling Iran to “get smart soon.” The U.S. Central Command has reportedly prepared a plan for a short wave of strikes on Iran if talks remain deadlocked.

Oil prices rose on the news, adding further pressure on Bitcoin and the broader crypto market.

What Glassnode Data Shows

Glassnode analysts noted that Bitcoin traders had added bearish leverage ahead of the FOMC, with rising open interest, neutral funding rates, and a divergence between spot and futures market data.

Their Week Onchain report described Bitcoin as “trapped below market mean,” with $65,000–$70,000 acting as support but weak demand limiting rallies. Bitcoin failed to break its True Market Mean at $79,000.

Institutional flows into spot BTC ETFs and rising CME open interest have helped build a dense accumulation cluster between $65,000 and $70,000, according to Glassnode.

BTC was trading around $75,700 at time of writing, down from an intraday high above $77,000.

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