Bitcoin Bounces Back After Trump Rules Out Iran Strike Before Midterms
Bitcoin rebounds from three-week low on Trump Iran remarks
Bitcoin pulled off its lowest level in three weeks after President Donald Trump said the United States would not strike Iran before the upcoming midterm elections. The remarks eased geopolitical concerns that had weighed on crypto prices, and the leading cryptocurrency held near $82,600 after dipping to roughly $80,400 on Thursday.
The price move also shifted liquidation pressure — the forced selling that occurs when leveraged bets lose too much value — onto traders who had been betting prices would fall.
Where the major coins stood
- Bitcoin recovered from Thursday's low of about $80,400 to trade near $82,600.
- Ether slipped roughly 2% over 24 hours to about $2,500. During Thursday's market flush, ether positions were wiped out at six times bitcoin's rate relative to their market value.
- Solana was the weakest of the major coins, losing nearly 4% to around $110.
- XRP and HYPE were little changed.
- The broader CoinDesk 20 index, which tracks a basket of top crypto assets, fell about 2%.
The 50-day average and what it signals
Thursday's dip brought bitcoin down to its 50-day moving average, a line that plots the average price over the past 50 days and is widely watched as a signal of the medium-term trend.
"At the peak of its decline on Thursday, Bitcoin fell to $80.4K, touching its lowest level in the past three weeks and its 50-day moving average, where the balance shifted in favour of buyers," Alex Kuptsikevich, chief market analyst at FxPro, told CoinDesk in an email.
He added that the moving average had acted as support since July, when price consolidated above it, and again in August. "Yesterday's dip provided further confirmation of buying interest during pullbacks," Kuptsikevich said.
Oil and stocks also shifted in bitcoin's favor
Broader markets showed signs of recovery on the same day. S&P 500 index futures rose less than 0.5%, and Nasdaq 100 contracts gained nearly 1%, helped by reports that OpenAI expects to reach $70 billion in annualized revenue by year-end.
Brent crude slid below $103 a barrel following Trump's Iran remarks, a day after hitting a two-week high. Lower oil prices ease some of the inflation pressure that recent Federal Reserve minutes cited as a reason for considering further interest-rate increases.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.