Bitcoin took a bearish turn on Wednesday, retreating from its recent highs as escalating geopolitical tensions between the United States and Iran pushed crude oil up more than 4% while BTC dropped from a daily high of $110K to trade at $107,657.61 at press time.
The market shift reflects a classic risk-off reaction, as investors sought refuge in traditional hedges like oil while trimming exposure to volatile digital assets. Over the past 24 hours, Bitcoin experienced a sharp pullback to the daily low of $107,407.29, .
With the 20-day exponential moving average (EMA) around $106.3K acting as the immediate support zone, and a deeper floor forming near the 50-day EMA at $102K, traders should brace for further downward pressure. Should Bitcoin break below the $106.3K support level, eyes will turn to the 50-day EMA at $102K as a potential rebound point.
Brent crude futures spiked by $2.90, or 4.3%, closing at $69.77 a barrel. US West Texas Intermediate (WTI) crude rose $3.17, or 4.9%, settling at $68.15, a price surge driven largely by geopolitical anxiety rather than fundamentals.
The comes as the US government ordered the evacuation of non-essential personnel from its embassy in Baghdad, citing increased regional risks. Although Iraqi officials downplayed immediate threats, the move signaled a serious shift in US posture.
Adding to the uncertainty, President Donald Trump publicly expressed waning confidence in the ongoing nuclear negotiations with Iran. Speaking to the New York Post and reiterating on the Pod Force One podcast, Trump said, “I’m much less confident of a deal being made. Something happened to them.”
He emphasized that while war is not the desired outcome, he would not allow Iran to develop a nuclear weapon.
Iran’s military rhetoric intensified in response. Defense Minister Brigadier General Aziz Nasirzadeh issued a stern warning, stating that all US military bases in the region are within striking range of Iranian forces. “If a conflict is imposed on us … we will boldly target them in host countries,” Nasirzadeh said, .
Iran also unveiled a new ballistic missile test involving a 2,000 kg warhead. Despite public declarations by Iranian officials, including President Masoud Pezeshkian and Foreign Minister Abbas Araghchi, that Iran does not seek nuclear weapons, Western skepticism remains high.
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