Bitcoin Drifts Lower as Trump Leaves Door Open to Further Iran Strikes
Crypto and Nasdaq futures started the week on the back foot after the US president declined to rule out renewed military action ahead of November's midterms.
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Bitcoin slipped alongside Nasdaq futures on Monday as investors weighed fresh signals from Washington that the five-month-old war with Iran might not be winding down after all. At 03:30 UTC, bitcoin traded 1.3% lower at $83,324, and the losses extended across the broader crypto market, with ether, XRP and solana posting comparable declines. Futures tracking the Nasdaq index were down 0.7%.
Crude oil moved the other way: futures tied to WTI climbed almost 1% to $93.28, with Brent gaining similarly.
The sell-off followed comments from President Donald Trump on Sunday, when he declined to rule out further US strikes on Iran before the midterm elections in early November. Asked directly whether military action could resume, he told Fox News: "I don't want to say that. I don't want to say that. I mean, it's possible, but I just don't want to say that." He said the war would end "very soon" and predicted the US would prevail through a combination of military force and economic pressure.
Iran has signaled it is ready for a longer fight. Foreign Minister Abbas Araghchi said the country stood "fully prepared" for a renewed conflict, going as far as suggesting it could withstand what he called a "doomsday war."
A rejected peace proposal
Diplomatic efforts have so far gained little traction. At the United Nations General Assembly, Iran put forward a plan that would have reopened the Strait of Hormuz, the oil shipping route disrupted by the war, for seven days, with a pause in fighting to follow and wider negotiations afterwards. Trump dismissed the offer, arguing Iran wanted a deal only because it was under strain, and used Truth Social to repeat that Iran "cannot have a nuclear weapon."
The uncertainty has fed into macro markets throughout the conflict, which began in early March. Inflation expectations have crept up, pushing Treasury yields higher: the 10-year yield has climbed 127 basis points to 5.20%, a level last seen in 2007, as traders price in possible Federal Reserve rate hikes alongside worries over government debt.
Bitcoin had largely looked through those pressures until now. After a weak start to the year, it has rebounded sharply in the third quarter, gaining 42% over three months — a better performance than any other major asset class, including Nasdaq stocks and gold.
According to CoinDesk, Vikram Subburaj, CEO of India-based exchange Giottus, advised caution in an emailed note. He identified $83,800-$84,000 as key near-term support and $85,000-$85,800 as the immediate resistance band, adding that it would be "prudent" not to buy into the rally at current prices. He also recommended low leverage and staggered entries to manage volatility while the market digests ETF flows, Treasury yields and upcoming US inflation readings.
Traders' attention now shifts to the calendar. US PCE inflation data, the ISM manufacturing survey and nonfarm payrolls are all due this week, and each could shift expectations around Fed policy — and with them, the direction of crypto markets.
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