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Bitcoin Dips Below $70K as Reports Suggest Saudi Arabia Is Pushing to Continue Iran War

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Bitcoin has staged another unsuccessful breakout attempt after yesterday’s impressive surge, as this time it was stopped at $71,000 and slipped by a grand following new reports on the war in the Middle East.

According to a report from the New York Times cited by The Kobeissi Letter, Saudi Arabia’s Prince Mohammed bin Salman has been “pushing” Trump to continue the war against Iran.

The paper reads that this military campaign presents a “historic opportunity” to remake the region as Iran poses a long-term threat to the Gulf that can only be eliminated by getting rid of the current regime.

The report further stated that Prince bin Salman has urged Trump to send troops to Iran to seize energy infrastructure and force the government out of power.

The timing of this report is quite intriguing, as just yesterday, President Trump said his country reached some sort of a deal with the Iranian authorities to halt any military action against the latter’s power plants for a five-day period.

Although Iran’s officials denied Trump’s claims, more reports emerged in the following hours indicating that both parties have indeed been in talks, perhaps through middlemen.

Separately, another report from earlier today suggested that Saudi Arabia and the UAE are “inching toward” joining the war against Iran as they have been targeted multiple times by their Middle Eastern enemy.

Bitcoin reacted immediately yesterday with a push from $68,000 to almost $72,000 after Trump’s de-escalation message, but dipped below $70,000 minutes ago after the news about Prince bin Salman went live.

BTCUSD March 24. Source: TradingView
BTCUSD March 24. Source: TradingView

 

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