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Bitcoin Holds Above $81,500 Amid $135 Million in Leveraged Crypto Liquidations
After reaching a peak of $82,458 on Sunday evening, Bitcoin spent Monday repeatedly testing resistance around the $82,000 level.
Key Takeaways:
- Bitcoin reached a high of $82,458 on Sunday before pulling back and consolidating below the $82,000 mark.
- Nearly $135 million in leveraged crypto positions were liquidated after Donald Trump rejected Iran’s latest peace proposal, triggering market volatility.
- Aramco CEO Amin Nasser warned that disruption in the Strait of Hormuz could delay oil market normalization until 2027.
Bitcoin Struggles With Resistance Above $81,000
Bitcoin maintained the momentum that helped it reclaim the $80,000 threshold and reach a high of $82,458 late Sunday, carrying that strength into the new trading week while holding above $80,500 for most of Monday morning.
Data shows that on Monday, May 11, Bitcoin opened slightly below $80,700 and steadily climbed until it encountered resistance around $81,250 at approximately 9:20 a.m. Eastern Time.
The leading cryptocurrency then erased all of its morning-session gains within just over an hour, falling to $80,536. However, the move was followed by another sharp rebound that pushed Bitcoin above $81,840 around 12:20 p.m. EDT.
At the time of writing (1:44 p.m. EDT), Bitcoin remained above $81,500 and appeared ready to retest the $82,000 resistance level once again.
Despite the volatility, Bitcoin was up 0.3% over the past 24 hours and less than 2% over the past seven days. The modest gain pushed its market capitalization to approximately $1.64 trillion.
Over the past 24 hours, nearly $135 million in leveraged Bitcoin positions were liquidated, with around $88 million coming from long positions.
Meanwhile, Bitcoin’s limited gains mirrored the performance of major Wall Street indices, which were mostly flat on Monday following a strong rally on Friday.
Markets appeared weighed down by growing geopolitical tensions in the Middle East after U.S. President Donald Trump described Iran’s latest peace proposal as “unacceptable.”
Trump’s comments set the stage for another tense week across global markets and weakened hopes for a negotiated resolution.
Oil Supply Chains and the Threat in the Strait of Hormuz
Following Trump’s rejection of Iran’s proposal and subsequent social media posts, Brent crude oil prices climbed to $105 per barrel.
However, the most alarming warning regarding supply chain disruptions came from Aramco CEO Amin Nasser.
Speaking to investors during the company’s first-quarter earnings conference, Nasser warned that oil markets were unlikely to normalize this year if traffic through the Strait of Hormuz remained blocked.
“Even if the Strait of Hormuz reopened today, the market would still need months to rebalance, and if the reopening is delayed by several more weeks, normalization could be pushed into 2027,” Nasser said.
A prolonged disruption in global oil markets would significantly increase the risk of a systemic global recession.
As Washington and Tehran continue to maintain opposing geopolitical positions, the threat of a broader regional escalation is becoming increasingly realistic.
A return to full-scale conflict would not only destabilize regional economies for years to come but also slow the global stabilization process achieved before the war — an outcome the Trump administration is actively trying to avoid.
See also: "Zcash Price Falls to $550 as Traders Defend 33% Weekly Gain and Expect Another Breakout"
