The price of Bitcoin (BTC) hit an intraday high of $74,942 on Tuesday after China denied arming Iran and warned the US against escalating tariffs.
This rejection comes after President Trump threatened to impose 50% tariffs on any country that supplies Tehran with weapons, injecting new tension into an already volatile geopolitical and trade environment.
China responds to weapons accusations
Spokesman Guo Jiaqun said Beijing “always acts wisely and responsibly regarding the export of military products.” He described media reports of Chinese military support for Iran as “completely fabricated” and vowed to take countermeasures if the tariffs are implemented.
The statement came in response to US intelligence assessments that China is preparing to ship air defense systems to Iran. Trump warned on April 12 that suppliers would face an immediate 50% tax on all exports to the United States.
“Any country that supplies military weapons to Iran, on any and all goods sold to the United States of America, will be immediately hit with tariffs of 50%, effective now. There will be no exclusions or exemptions! President D.J.T.,” Trump said. books In sharing the latest social truth.
Confrontation adds to the year of Trade friction between the United States and China is escalating Which has repeatedly toppled the cryptocurrency markets. The threat of 100% tariffs on Chinese goods in late 2025 has wiped out nearly $200 billion from the total cryptocurrency market capitalization.
Trump’s blockade of the Strait of HormuzThe order, ordered after the collapse of US-Iranian talks in Islamabad, led to a reshaping of global trade positions.
WTI traders went from 57% short to 68% short in one week, according to Capital.com data. Gold positions reached 79%, while the trend of four major currency pairs reversed to the majority Short positions During the same period.
Bitcoin price rally faces sentiment warnings
BTC gained more than 5% over the weekend as a short squeeze led to nearly $89 million of bearish positions being liquidated. Bitcoin ETF inflows added further fuel, with BlackRock’s IBIT hitting record highs $269 million in one day last week.
The leading cryptocurrency extended its gains this week and traded near the $75,000 threshold on Tuesday, with an intraday high of $74,942. As of this writing, Bitcoin is trading for $73,141.
Gemini co-founder Cameron Winklevoss captured the mood, asking, “Why did Bitcoin hit $74,000? I thought Bitcoin was dead?”
The comment mocked a narrative that has appeared hundreds of times since 2010 despite repeated recoveries.
However, DeFi Report founder Michael Call out He warned that rising conviction about the bottom, combined with lower trading volumes, reflects patterns ahead of further declines in 2022.
“BTC is not hitting the bottom when everyone thinks the bottom has been hit… Sentiment suggests the average investor is already allocated.” male.
Monty Safieddine, head of market research at Capital.com, noted that as the US blockade of the Strait of Hormuz continues and markets process its effects on inflation and growth, the long bias in US stock indexes has eased across the board.
“Tuesday morning data shows a broad decline in long bias across US stock indexes as price gains built on optimism over a final deal surprised some buyers who opted to take profits, with a similar story playing out in gold. But oil’s decline did not shake long positions that continue to accumulate, while on the currency front, USD/JPY traders prefer to stick to the majority on the sell side with short selling in any price gains near the 160 red line,” Safieddine said. Joint statement with BeInCrypto.
The S&P 500’s share of traders fell to 61% from 64% at the start of the week, while the Dow Jones fell to 60% from 67%, moving away from heavy buying territory.
Whether BTC price exceeds $74,000 may depend on how quickly the standoff between China and the United States turns from threats to action.
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