Bitcoin (BTC-USD) reached a 13-week high on the morning of Wednesday, May 6, 2026, as investors reacted to rumors of a potential peace deal between the United States and Iran. The price briefly climbed to $82,833 as people hoped for a 14-point ceasefire that would reopen the Hormuz Strait for oil traffic. However, these gains disappeared quickly after President Donald Trump shared his skeptical view of the situation.
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Trump Casts Doubt on Iran Peace Talks
The President addressed the possibility of an agreement in a post on Truth Social earlier today. He noted that the success of the plan depends entirely on Iran following through with its promises. Trump wrote: “Assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption, the already legendary Epic Fury will be at an end, and the highly effective Blockade will allow the Hormuz Strait to be OPEN TO ALL, including Iran. If they don’t agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before.”
This warning caused immediate volatility in both the crypto and oil markets. Bitcoin fell back to roughly $81,500 as the initial optimism for a ceasefire faded. Oil prices saw even more dramatic swings, with West Texas Intermediate dropping over 10% in a matter of hours before recovering to $96 per barrel. Investors are currently pulling back from risky assets as they wait to see if the agreement actually happens or if military tensions will escalate further.
Traders Look Out For a Bitcoin Price Reset
Expert traders are now looking at lower support levels to see where the market might go next. Many are keeping an eye on the $80,100 and $78,200 marks if the price continues to slide. Over $550 million in crypto trades were wiped out in the last 24 hours as the market reacted to the shifting geopolitical news.
Some analysts believe the current attempt to break higher might fail, leading to a deeper price reset toward $78,400 before Bitcoin finds a new direction.
At the time of writing, Bitcoin’s price is sitting at $81,708.
