Bitcoin (CRYPTO: BTC) slipped below $71,000 on Monday after President Trump ordered the U.S. to join Iran in blockading the Strait of Hormuz.

The Profit-Taking Pressure

Blockchain analytics firm Glassnode reports that traders are selling more than $20 million worth of Bitcoin per hour to lock in profits.

The message is clear: the $70,000 to $80,000 band is less a battleground of conviction and more a persistent distribution zone, as traders have treated it since February.

The Trump Blockade

Crypto prices came under further pressure during U.S. morning hours on Sunday after President Trump announced a blockade of the Strait of Hormuz.

“Effective immediately, the United States Navy will begin…

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