Bitcoin and XRP prices on Thursday turned cautious as geopolitical tensions resurfaced and weighed on digital assets. The global cryptocurrency market capitalization slipped 1.41% within 24 hours to $2.41 trillion. The decline was after it was reported that Iran had closed the Strait of Hormuz again.
Bitcoin price managed to hold firmly above the important $71,000 support level despite renewed volatility. After a short stage of wider consolidation in the market, XRP continued to support the level of over $1.33.
The previous momentum followed the United States and Iran signing a temporary two-week ceasefire. President Donald Trump confirmed a 14-day pause on planned military strikes during discussions with Pakistani leaders.
The suggested knowledge demanded the urgent and safe opening of the Strait of Hormuz. This narrow waterway facilitates nearly 20% of global oil shipments and plays a vital economic role. The energy markets started to rally as the concerns of prolonged disruptions seemed to dissolve.
Iran Closes Strait of Hormuz Again After Ceasefire Deal
Shortly after the ceasefire announcement, Iranian state media reported the renewed closure of the Strait of Hormuz. The move was allegedly after Israeli military activities against stances in Lebanon.
An Iranian official threatened to shoot down foreign ships that would illegally enter the disputed maritime route. The official mentioned that any ships disobeying the orders of Iran could have severe consequences.
BREAKING: Iran has closed the Strait of Hormuz again, less than 24 hours after agreeing to reopen it as part of the ceasefire deal.
Israel continued bombing Lebanon after the ceasefire was announced, which Iran says is a direct violation of the agreement.
Gulf Arab countries… pic.twitter.com/SKTTWWA46G
— Bull Theory (@BullTheoryio) April 8, 2026
The reinstated blockade revived the fear of increasing oil costs and a greater economic turmoil. Cryptocurrency traders responded with a moderate selling to the weakening of risk appetite in world markets. Bitcoin and XRP are now on the brink of breaking key technical indicators as investors keep a keen eye on the diplomatic process.
Will Bitcoin Price Rally To $75k As Data Indicates Buying Activity
Bitcoin price remains up nearly 7% over the past week despite short-term market weakness. Over the last 24 hours, the cryptocurrency declined 0.92% to trade at $70,857.
If the long-term BTC projection holds above the $70,500 level could open a retest of $72,000 to $73,000 soon.
Strong bullish momentum may even push prices beyond $75,000 If Iran opens strait of Hormuz again. However, a breakdown below support risks a slide toward $70,000 or even $68,000. Bitcoin saw a significant increase in taker buy volume on Binance as prices surged to the 72,000 level.
According to CryptoQuant, the recent breakout of over 70,000 was accompanied by aggressive market buying. The buy-side buying spurt indicates a fresh wave of bullishness as traders gear up to more gains.
XRP Price Rally Back to $1.40 Soon If Bulls Can Hold This Support
The XRP price stood at around $1.335 at the time of writing following a relatively small movement on the four-hour chart.
MACD reveals a weak bullish crossover, but the histogram strength is weak. The RSI is hovering around the neutral 50 mark indicating balanced momentum.
If XRP price holds firmly above $1.30, buyers could target a level of $1.40 in the near term. A breakout above $1.40 can clear the way to $1.45 and even $1.50 in April. Bitcoin and XRP prices now stand at decisive technical levels as geopolitical uncertainty clouds broader market sentiment.
Reopening of the Strait would rejuvenate risk appetite and spur upside efforts. Nevertheless, under the long-term conditions, the support zones might get strained and this keeps the traders on the alert in the short-term.