Trump Halts Delegation Trip. Bitcoin Edges Lower, Technicals Risk Testing $73,000 Level

TradingKey - Hopes for US-Iran negotiations remain dim as Bitcoin fails to breach $80,000, potentially retreating to $73,000 once again.

On April 26, market sentiment was struck by geopolitical news emerging from Washington, causing Bitcoin ( BTC) prices to weaken and drop below $78,000. This morning, Bitcoin edged down 0.13%, currently trading at $77,467. Last Wednesday, Bitcoin prices surged toward $80,000, but have since fallen by $2,000, representing a cumulative correction of 2%.

According to the original plan, envoys Jared Kushner and Steve Witkoff were to lead a delegation to Pakistan this week for a second round of talks with Iranian representatives. However, U.S. President Donald Trump abruptly canceled the plan.

This Saturday, Trump confirmed the cancellation via his social media platform, noting that due to extreme inconsistency and chaos within the Iranian leadership's position, the U.S. has decided to indefinitely postpone this engagement regarding regional security and nuclear agreements. Trump also stated, "An 18-hour flight is pointless if it ends up being just empty talk with no substantive progress."

On April 24, Pakistani Foreign Ministry spokesperson Tahir Andrabi stated that a delegation led by Iranian Foreign Minister Araghchi arrived in Islamabad for talks with senior Pakistani leaders to discuss the latest regional situation and ongoing efforts to promote regional peace and stability. At the conclusion of the visit, the Iranian Foreign Minister remarked, "It remains to be seen whether the United States is sincere in its diplomatic mediation."

On April 26, Iran ordered strict control over the Strait of Hormuz. Its Deputy Speaker Nikzad stated, "Supreme Leader Mujtaba Khamenei has clearly ordered that the Strait of Hormuz must not return to its pre-war state." Regarding the Strait of Hormuz issue, U.S. Defense Secretary Hegseth warned, "Any further laying of mines in the Strait of Hormuz by Iran will constitute a violation of the ceasefire."

The cancellation of the negotiation plan by the U.S. has once again pushed the Middle East into a state of heightened tension. Driven by the escalation of such negative geopolitical news, Bitcoin's upward momentum has been hindered. From a technical chart perspective, Bitcoin is hovering between $77,000 and $79,000, currently at a critical psychological and structural turning point. If geopolitical conflicts escalate in the short term, BTC may experience a rapid retracement, testing the support near the mid-band line at $73,000.

Bitcoin price chart, source: TradingView

Notably, while Bitcoin failed to break $80,000 and instead fluctuated downward, the spot ETFs from BlackRock and Fidelity have not seen massive capital outflows. This indicates that institutional investors still view this volatility as a corrective phase for long-term positioning rather than a trend reversal.