The Bitcoin price slipped under $ 100,000 for the first time in six weeks after Iran closed the Strait of Hormuz, escalating Middle East tensions.
Over the weekend, the BTC $116 699 24h volatility: 0.3% Market cap: $2.32 T Vol. 24h: $36.45 B price came under intense selling pressure, slipping below the $100K level following Iran’s decision to close the Strait of Hormuz amid escalating tensions in the ongoing Middle East war. Crypto market veteran and former BitMEX CEO Arthur Hayes stated that this is a buy-the-dip opportunity.
Hayes said that the recent weakness in Bitcoin is only temporary, as prices fell to under $100,000 for the first time in over six weeks. This happened as risk-OFF sentiment picked up quickly after the US airstrike on Iranian nuclear facilities over the last weekend. However, BTC couldn’t stay under $100K for much longer and has once again recovered to $102K as of press time.
Bitcoin’s Safe Haven Status Remains Intact, Stated Arthur Hayes
BitMEX founder Arthur Hayes expressed optimism on the X platform, stating that Bitcoin’s current “weakness shall pass” and it will soon reaffirm its status as a safe haven asset. Hayes believes that this resurgence could come along with the expectations of central bank money printing.
Do you hear that? … it’s the sound of the money printers revving up to do their patriotic duty. This weakness shall pass and $BTC will leave no doubt as to its safe haven status. pic.twitter.com/PTfZaAXFp7
— Arthur Hayes (@CryptoHayes) June 22, 2025
Despite the inflows into spot Bitcoin ETFs, BTC price has been consolidating in a tight range for nearly five weeks, after facing a rejection at $110K levels. Other market analysts have also shared hope for BTC price to bounce back quickly from the current levels. Speaking on today’s development and volatility, Michael van de Poppe writes:
“Bitcoin bounces up swiftly. The second option is filled, peak liquidity taken beneath the low at $100,50, and quick reversal upwards. I think we’ll stall for a bit, and once it breaks $102,500, it will likely accelerate upwards, and then, the correction is over”.
On the other hand, while speaking at the BTC Prague event last week, MicroStrategy’s Michael Saylor said that he expects the BTC price to hit $21 million by 2046. Saylor continues with his ultra-bullish predictions for Bitcoin and is betting on the United States building a massive Bitcoin reserve.
BTC Dominance Likely to Rise Further
Prominent crypto analyst Rekt Capital believes that the Bitcoin dominance (BTC.D) is likely to surge even further from here. “The majority of the Bitcoin Dominance Macro Uptrend has already taken place,” noted the analyst while sharing the rising dominance chart.
#BTC Dominance
There really is no point in arguing about whether BTCDOM will ultimately top out at 71% or at 69% or at 67%
Majority of the Bitcoin Dominance Macro Uptrend has already taken place
And just like in every BTCDOM cycle, it got close to 71%$BTC #Crypto #Bitcoin https://t.co/46YM1DehIM pic.twitter.com/Jya09JTYLw
— Rekt Capital (@rektcapital) June 22, 2025
The analyst also noted that the dominance cycle has closely approached the 71% mark, consistent with previous cycles. This could mean that the altcoins season could face even further delay.
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