[Analysis: Bitcoin drops to $76,000 due to Middle East tensions, Hormuz Strait closure triggers market volatility] According to CoinDesk, Bitcoin's price has fallen to approximately $76,000 due to the recurring tensions in the Middle East. Earlier, Iran announced the reopening of the Hormuz Strait, which led to a surge in risk assets and triggered a massive short squeeze. However, the subsequent closure of the strait caused market sentiment to reverse rapidly. Data shows that this round of market movement has triggered one of the largest liquidation events since 2026, with approximately 168,336 traders liquidated, totaling $762 million, of which short positions accounted for about $593 million, nearly three-quarters of the total. During the upward phase, crude oil prices dropped by nearly 10%, pushing Bitcoin past the key resistance range of $76,000 to $78,000. However, as the Hormuz Strait returned to military control and multiple oil tankers turned back, risk aversion sentiment surged, causing the price to retreat.