Bitcoin (BTC) hit a record high of $74,942 on Tuesday after China denied supplying weapons to Iran and warned the US against raising prices.
The rejection follows President Trump’s 50% threat to any country that supplies Tehran with weapons, sparking fresh tensions in a volatile political and trade environment.
China Pushes Back on Weapons Prosecution
Spokesman Guo Jiakun said Beijing has “always acted prudently and cautiously when deploying military equipment.” He called media reports about Chinese military aid to Iran “false” and vowed to take action if the tariffs were to be implemented.
The statement was in response to a US intelligence assessment that China was planning to export anti-aircraft missiles to Iran. Trump warned on April 12 that retailers would face a 50% tariff on all goods imported into the US.
“The country that supplies Iran with military equipment will immediately be paid, on any and all goods sold to the United States of America, 50%, effective immediately. There will be no exemptions or exemptions! President DJT,” Trump he wrote in a recent issue of Social Truth.
Struggle increases the year of escalating US-China trade tensions which has disrupted the crypto markets time and time again. A 100% strike on Chinese prices by the end of 2025 wiped out nearly $200 billion from the crypto market capitalization.
Trump’s Strait of Hormuz blockadeordered after the US-Iran talks in Islamabad ended, it has also changed the world market.
WTI traders fell from 57% in the short term to 68% in the long term in one week, according to Capital.com data. Gold’s gain reached 79%, while the four major currency groups were replaced by the majority short positions at the same time.
Bitcoin Price Rally Meets Sentiment Warnings
BTC gained more than 5% at the end of the week as a short-term squeeze was brought down to around $89 million in bearish territory. The Spot Bitcoin ETF enters the oil boom, with BlackRock’s IBIT draw $269 million in one day last week.
The crypto pioneer extended its gains this week and traded at a low of $75,000 on Tuesday, with an intraday high of $74,942. As of this writing, BTC has exchanged hands for $73,141.
Gemini co-founder Cameron Winklevoss chimed in, asking “Why is bitcoin hitting $74k? I thought bitcoin was dead?”
The comment mocked the story, which has been repeated many times since 2010 even though it has been recovered time and time again.
However, DeFi Report founder Michael Nadeau warned that a rise in low confidence, combined with low volumes, is consistent with trends before falling again in 2022.
“BTC doesn’t go down when everyone thinks the bottom is… he said.
Monte Safieddine, Head of Market Research at Capital.com, said that as the US blockade of the Strait of Hormuz continues and markets prepare for its impact on inflation and growth, the long-term bias in US equity books has diminished.
“Tuesday morning’s results show a significant reduction in the long-term bias among US equity indices as price gains resulting from expectations of a deal, surprised buyers who opted to take profits, a similar story is happening with gold.” 160 red line,” Safieddine said in a statement shared with BeInCrypto.
The number of long-term traders in the S&P 500 fell to 61% from 64% earlier in the week, while the Dow fell to 60% from 67%, leaving overbought territory.
Whether BTC is above $74,000 may depend on how quickly the confrontation between China and the US shifts from threats to action.
A note China Rejects Iran Arms as $75,000 Bitcoin Surge Hints at Deeper Global Shock appeared for the first time BeInCrypto.
