Summary
- Bitcoin climbed to an intraday high of $80,594 before falling to about $79,000 after a report that a US warship had been struck by an Iranian missile.
- The report of a strike on a US warship briefly sent international oil prices up more than 5%%, and Bitcoin remained under pressure even after the claim was denied.
- Altcoins, Ether, Solana, XRP, BNB, and Dogecoin showed mixed moves, while further confirmation of any US-Iran clash could determine short-term price direction.
Forecast Trend Report by Period
Bitcoin gave up earlier gains after climbing above $80,000 as geopolitical headlines jolted the market. Reports tied to Middle East tensions added to volatility.
CoinDesk reported on May 4 that Bitcoin rose as high as $80,594 intraday, its highest level since January, before falling back to around $79,000.
The drop followed a report from Iran's Fars News Agency that a US warship near Jask had been hit by a missile. International oil prices briefly surged more than 5%, topping $113 a barrel.
The US later denied that any warship had been struck, prompting oil prices and stock-index futures to pare some of their gains. Bitcoin, however, remained on a downward trajectory.
Altcoins also retreated from their intraday highs, though they were relatively resilient on a daily basis. Ether rose 1.2% to about $2,341, while Solana traded little changed near $84. XRP and BNB edged lower, while Dogecoin held gains of more than 2%.
The earlier advance had accelerated after President Donald Trump announced "Project Freedom," a plan to support the movement of ships stranded in the Strait of Hormuz, bolstering risk appetite. Market expectations were also lifted by US Senate discussions on legislation related to the revenue structure of stablecoins.
Traders are watching for further confirmation of any clash between the US and Iran, which could shape short-term price direction.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
