The price of Bitcoin remains resilient despite recent geopolitical tensions, but market analyst Nic Puckrin warns that a potential closure of the Strait of Hormuz by Iran could lead to a sharp price correction. The Strait is vital for global oil shipments, accounting for nearly 20% of the world's oil supply. Puckrin notes that if the Strait were to close, oil prices would surge, causing significant declines in risk assets, including cryptocurrencies like Bitcoin. He also mentions that Bitcoin's long-term outlook is more closely linked to the declining value of the US dollar, which is at its lowest in three years, indicating potential for long-term growth in Bitcoin. Furthermore, long-term holders of Bitcoin continue to accumulate despite the uncertain macroeconomic environment, with a recent surge in BTC inflow to accumulation addresses. This growing hold among investors highlights ongoing confidence in Bitcoin's future.

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