Two Reasons Why Bitcoin Price Dipped Below $69K On Friday

Key Insights:

• Bitcoin dipped below the $69,000 mark on Friday, reflecting a 3%+ dip below Thursday’s close.
• Trump demands unconditional surrender from Iran; Oil prices remain elevated, US stock futures displayed 1%+ drop on Friday.
• Unemployment rate came at 4.3% for Feb and non-farm payrolls saw a 92,000 dip.

Bitcoin price dipped below the $70.000 mark on Friday morning, reflecting a 3.25% dip below Thursday’s closing price. At the time of writing this report, BTC price was $68,591.

While this might come as a surprise to many, the reasons for this dip are simple and easy to spot. This week saw significant developments around crypto regulations in the US and a general sell-pressure exhaustion in the crypto market. However, the reasons for Friday’s dip are connected to market expectations and a disappointing economic print.

Trump: “Unconditional Surrender” Sole Option For Iran

The Israel-US-Iran war entered its seventh day today, with both sides refusing to back down. In the latest development related to the war, US President Donald J Trump announced that the US would not discuss any deal unless Iran surrenders unconditionally.

Trump took to Truth Social to make the fiery announcement, posting just 20 minutes after the New York Stock Exchange (NYSE) opened on Friday.

Screenshot of Donald Trump’s post on Truth Social | Source: @realDonaldTrump on Truth Social

The President noted that new leaders would be selected after Iran surrenders. Notably, a similar plan was executed for Venezuela, which is also a Oil-rich nation. Trump oversaw the replacement of Nicholas Maduro in the South American nation and ensured cheap Oil deals for the US.

Meanwhile, the US has revealed plans to escort Oil tankers through the Strait of Hormuz, the water body separating Iran and Saudi Arabia (and other nations).

Notably, Oil prices rose 28% to $86 amid rising uncertainty about the duration of the conflict, CNBC reported early Friday. Qatar’s Energy Minister reportedly told The Financial Times that if the conflict prolongs, Oil prices could reach as high as $150 per barrel; such a spike would occur due to deliberate production cuts.

In another report, CNBC said ordinary Americans were already feeling the heat from the war through rising gasoline prices and mortgage rates. The average price of a gallon of gas reached $3.25 on Thursday, per the report.

Unexpected US Payroll Drop (-92K), Unemployment Up 4.4%

The US market lost 92,000 nonfarm payrolls in February, according to the US Bureau of Labor Statistics. Meanwhile, the unemployment rate fell by 4.4%.

These numbers were worse than January’s print — non-farm payrolls increased by 126,000, and the unemployment rate stood at 4.3%. Moreover, Feb’s unemployment rate is higher year over year; the Feb 2025 rate stood at 4.2%.

Trump’s surrender demand and Feb’s unemployment data were the headlines that the US woke up to today. Futures tied to the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 fell by more than 1%.

BTC/USD 1-day chart | Source: TradingView

Notably, the dip in BTC price could have been significantly sharper than the 3.2% seen today. This is because there has been a noticeable drop in sell pressure in centralized crypto exchanges. In the last 24 hours alone, over 34,000 BTC exited exchanges, including Binance, Coinbase, Bitfinex, to name a few.

Additionally, Bitcoin is highly likely to head towards a bear market low; analyst Ted Pillows warned that BTC could produce a pre-bear-market bottom dump.

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