Bitcoin Struggles to Hold $62K as Global Tensions Rise

Bitcoin bulls are currently fighting to keep the price above the $62,000 mark. The digital asset is struggling as a broad selloff in risk assets takes hold across the market.

This market uncertainty follows recent comments from Donald Trump regarding the Strait of Hormuz. The former president suggested that the United States would take action to close the strategic waterway, which has raised concerns about global supply chains and trade stability.

Stock markets opened lower today in reaction to these geopolitical risks. Because traders often treat crypto as a high risk asset, Bitcoin and other digital coins are seeing increased volatility while investors look for safer options.

Market participants are now watching to see if Bitcoin can maintain this key support level. Any further news regarding international relations could lead to sharper price swings throughout the week.