Bitcoin Dips, Oil Price Jump 11% as Russia, China, France Block UN Resolution on Hormuz

Bitcoin price remains under selling pressure as oil prices climb 11% to surpass $111 on Friday amid escalating US-Israeli war against Iran. In a dramatic diplomatic standoff at the United Nations Security Council, countries such as Russia, China, and France have blocked an Arab-backed resolution to use military force against Iran to reopen the Strait of Hormuz.

Oil Prices Rocket as UN Resolution to Force Open Strait of Hormuz Faces Roadblock

Three permanent Security Council members, Russia, China, and France have blocked a UN resolution that would have authorized the use of force to reopen the Strait of Hormuz. The resolution, drafted by Bahrain and backed by Gulf Arab states, called for “all necessary means” to protect commercial shipping in and around the strait.

The three veto-wielding powers oppose any resolution language that would permit the use of force, The New York Times reported on April 3. The UN Security Council voting on the resolution is postponed to Saturday.

Oil prices surged more than 11% to $111 per barrel as the US-Israeli war against Iran continues. Bitcoin price fell below $67K after President Trump’s speech signaled an escalating US-Iran war in the coming weeks.

US intelligence revealed that 50% of Iran’s missile launchers and thousands of attack drones remain intact despite daily US-Israeli strikes. Moreover, Iran’s coastal defense cruise missiles also remain intact, keeping the Strait of Hormuz closed.

The International Energy Agency warned that oil supply disruptions would worsen in April, with Europe set to hit hard. IEA executive director Fatih Birol called the energy crisis sparked by the US-Iran war “the worst in history.”

Bitcoin Price Slides amid Rising Risk of Crash

Bitcoin price is hitting the $66,000 level, down more than 3% amid the recent pullback. Elevated oil prices due to prolonged Strait of Hormuz closure drained investors’ appetite for risk assets.

Bitcoin price is currently trading at $66,504, with a 24-hour low and high of $65,725 and $67,387. Trading volume has declined further by 12% as the crypto market traders brace for options expiry and Nonfarm Payrolls data today.

Bitcoin miners Marathon, Riot, Hut 8, and Core Scientific are selling their BTC to buy AI infrastructure. Some corporate treasuries also sold their crypto holdings, but Metaplanet expanded Bitcoin holdings to 40,177 BTC.

Technical analysis shows Bitcoin bears are in control, with key support levels around $66,000 and $60,000. Analysts have warned of Bitcoin price crash amid a bearish flag formation. Analyst Caleb Franzen pointed out that Bitcoin price is trading below the 21-day EMA, 55-day EMA, and 200-day EMA.