Bitcoin (BTC) took another $69,000 decline on Thursday as risk assets fell on reports of war between the US and Iran.
Important points:
Bitcoin is facing fresh downward pressure as stocks and gold fall following US President Donald Trump’s address to the nation.
The US dollar’s strength is accelerating on the back of expectations that it will break through to its highest level since the beginning of the year.
Traders warn that Bitcoin will face “new lows” due to the return of the dollar.
Bitcoin, stocks, and gold all fall on President Trump’s speech
TradingView data showed that BTC price fell 2% daily, with a low near $66,200.
Cryptocurrencies, along with stocks and gold, fell on the back of US President Donald Trump’s address to the nation. Markets had expected a detente, but President Trump’s tone left the door open to further escalation of the conflict.
“Between threatening Iranian power plants, saying the Iran war would last a few more weeks, and calling for NATO, there was nothing new,” trade source Kovisi Letter wrote in response to X.
“Yet the market is now trading as if the Iran war is accelerating towards another month of escalation. Why? Because he did not explicitly de-escalate tensions.”
Kovesi called the speech “incredibly puzzling” and suggested it would stir market nerves rather than calm them.
“The market was finally starting to show signs of calming down, but now it’s very turbulent with U.S. oil prices back down to $104 a barrel, stock prices plummeting, and the bond market crashing again,” he added.
“Ironically, President Trump is back to solving the problem he solved earlier this week: how do we contain the market?”
With oil prices firmly above the $100 per barrel level, the US dollar also returned to the key $100 level on the day.
The US dollar index (DXY), which traditionally has an inverse correlation to Bitcoin, was already trending towards a more significant rebound after hitting multi-year lows in January.
“The stage is set for DXY. We are waiting for confirmation of its breakout,” trader and analyst Axel Kivar told his followers last week, offering a target of 104, the highest level since April 2025.
Cryptocurrency trader Bitbull predicts that DXY will enter an expansionary phase next, resulting in new lows for risk assets.
$DXY looks like a typical downtrend, accumulation, and expansion phase.
A downtrend has occurred.
The accumulation continues.Next up is an expansion that takes cryptocurrencies and stocks to new lows. pic.twitter.com/aO5xN8Gncp
— BitBull (@AkaBull_) April 1, 2026
Analysts focus on imitation of BTC price bearish flag
Some market participants continued to focus on Bitcoin’s latest bear flag build-up, which also came with the risk of a bust.
Related: Bitcoin ends 5-month losing streak: Key BTC price levels to watch in April
As reported by Cointelegraph, BTC price action largely mirrored the collapse of bear flag support seen in early 2026.
Keith Allan, co-founder of Trading Resources Material Indicators, commented that BTC/USD still lacks “directional momentum.”
“Structurally, the BTC$ price movement is still roughly the same as the previous bear flag structure,” he wrote to X.
“There’s nothing to say that we have to continue to imitate that price action, but I’m following it like a roadmap until price veers off that path.”
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