Bitcoin recovered to $82,000 on Friday after President Donald Trump stated the United States would not attack Iran before the November 3 midterm elections, alleviating geopolitical concerns that had sparked a selloff the previous day.
In a Truth Social post published at 12:17 p.m. ET, Trump wrote: "We will not be attacking Iran at any time prior to the Midterm Elections to be held in the United States on November 3rd." He characterized discussions with Iran as "productive" while indicating the U.S. blockade would remain "in full force and effect."
Bitcoin selling pressure subsided near $80,300 following Trump's announcement, with prices subsequently climbing to $82,000. Major cryptocurrencies including ether, XRP, and solana followed a similar recovery pattern, reversing most of Thursday's losses.
Oil and Geopolitical Tensions Triggered the Decline
The initial selloff began roughly 24 hours before the recovery after reports that the Pentagon had instructed U.S. Central Command to prepare for major combat operations in Iran. The report pushed crude oil futures higher, with WTI crude rising from $89 to $93.20 before declining sharply after Trump's statement. Crude futures were trading at $90.69 at the time of reporting.
Experts Challenge Security Concerns
Fears about "bunker mode," which intensified market losses on Thursday, are being disputed by prominent security researchers. The concept involves moving cryptocurrency holdings to fresh wallet addresses to reduce exposure if artificial intelligence advances were to weaken elliptic-curve cryptography before quantum computers become capable of breaking it.
Coinbase's top cryptographer Yehuda Lindell described the concerns as unfounded, stating there was no evidence that established elliptic-curve assumptions had been compromised. Ethereum co-founder Vitalik Buterin acknowledged the risk from AI-accelerated mathematics is real but suggested the threat centers on lattices rather than elliptic curves.
Key Price Levels
Analysts identified $81,000 as a critical support level for bitcoin. According to Purvang Mashru, lead analyst at BitDelta India, a sustained recovery above $82,000 alongside ether holding above $2,500 would stabilize the market. A break below $80,316 would increase downside risk, Mashru said.
Vikram Subburaj, CEO of Giottus exchange, noted that investors should watch $81,000 as the immediate support level. He cautioned against high leverage positions until bitcoin recovers to $83,300 and subsequently $85,500 with stronger exchange-traded fund inflows.
