- Bitcoin rose as much as 2.8% to around $69,200 in early Asia trading Monday, with Ether up as much as 3.7%, even as Trump threatened to bring “Hell” to Iran and warned that attacks on Iranian power plants could start as soon as Tuesday if Hormuz isn’t reopened
- Oil crept up to $110 a barrel on concerns that a war resolution is not imminent, yet Bitcoin held its ground — continuing a pattern of relative stability compared to other risk assets since the bombing campaign began in late February
- ETF flows into U.S.-listed spot Bitcoin funds remained resilient with $22.3 million in net inflows last week, and about $195.6 million in bearish bets were unwound across crypto in the last 24 hours, per Coinglass
- Analysts describe the price action as orderly and led by “incremental allocation rather than leverage” — but warn that a break below $65,000 to $66,000 support could trigger a meaningful demand pullback
What Happened?
Bitcoin climbed as much as 2.8% in early Asia trading Monday, reaching around $69,200 in Singapore midday, even as President Trump escalated his Iran war threats on social media over the weekend — warning he would bring “Hell” to Iran if it didn’t reopen the Strait of Hormuz and suggesting attacks on Iranian power plants could begin as soon as Tuesday. Oil prices ticked higher to $110 a barrel on concerns that war resolution remains distant. Despite the geopolitical noise, crypto markets stabilized and moved higher: Ether rose as much as 3.7%, and roughly $195.6 million in short positions were liquidated across cryptocurrencies in the prior 24 hours, per Coinglass. S&P 500 futures were up 0.4%, while similar contracts on Hyperliquid — where investors can trade tokenized assets — gained 0.7%. Analysts said the crypto rebound was partly a catch-up move after digital assets weakened during the extended weekend while oil surged.
Why It Matters?
Bitcoin’s relative stability amid the Iran war has become one of the more notable market phenomena of 2026. Unlike equities and bonds, which have whipsawed on each escalation headline, Bitcoin has largely held a $65,000 to $75,000 range since the bombing campaign began in late February — declining only briefly when the initial U.S.-Israel strikes were announced. That resilience is increasingly being attributed to a structural change in who owns Bitcoin: ETF inflows have remained firm ($22.3 million net last week), suggesting institutional investors are treating it as a legitimate allocation rather than a pure speculation vehicle. OKX SG’s CEO Gracie Lin described the move as “led by incremental allocation rather than leverage” — a meaningful qualitative distinction from the leverage-driven rallies that characterized prior Bitcoin cycles and that are more susceptible to cascading liquidations. The pattern suggests that Bitcoin’s correlation with risk assets may be weakening, at least at these price levels.
What’s Next?
Bitcoin remains roughly 45% below its all-time high above $126,000 set in October, and analysts continue to frame the $65,000 to $66,000 support level as the key line to defend. A break below that range could trigger a demand pullback and potentially a retest of lower levels. On the upside, the $70,000 to $72,000 zone remains the threshold analysts say is needed to build genuine conviction and attract a broader wave of buyers. The near-term catalyst — as with every other risk asset — is the Iran war’s trajectory: Trump’s threat of imminent power-plant strikes is being treated as credible, but markets have also learned to discount the gap between his rhetoric and the actual timeline of military action. A credible ceasefire signal would likely be the single most powerful positive catalyst for crypto, potentially pushing Bitcoin above its resistance range and reopening the path toward new all-time highs.
Source: Bloomberg
