Bitcoin surged above $71,000 before retreating early this week as conflicting signals around US-Iran ceasefire discussions triggered sharp volatility across crypto markets.
The cryptocurrency had traded below $68,000 over the weekend before jumping to an intraday high of $71,811 following US President Donald Trump’s announcement delaying planned strikes on Iran.
“We are not the party that started this war, and all these requests should be referred to Washington,”
Said Iran’s Foreign Ministry.
The rally quickly faded after Iran denied any such negotiations, pushing Bitcoin back towards $70,000 and underscoring heightened sensitivity to geopolitical headlines.
The brief surge wiped out roughly $791 million in leveraged positions, including $425 million in long liquidations, reflecting aggressive positioning during the move.
Despite the volatility, Bitcoin has risen around 7% since late February, outperforming traditional assets such as the S&P 500 and gold amid ongoing geopolitical tensions and prior market deleveraging.
Technically, Bitcoin remains in a consolidation phase within a symmetrical triangle, with a breakout above $75,000 potentially targeting $85,000 to $90,000, while a drop below $67,000 could signal renewed downside pressure.
At the time of reporting, Bitcoin price was $70,725.30.