Bitcoin remained above $68,000 as markets reacted to reports that the U.S. and Iran might seek a quicker end to hostilities, though traders kept a cautious stance. BTC briefly touched $68,589 while U.S. equities rallied after unconfirmed reports attributed to President Donald Trump suggested he could consider ending the conflict involving the U.S., Israel and Iran, amid reports the Strait of Hormuz was partially closed. Separate, unverified remarks attributed to Iranian official Masoud Pezeshkian also hinted Iran may be looking for a way out with certain assurances. The Dow jumped more than 1,125 points, the S&P 500 rose 2.91%, and the Nasdaq climbed 3.83%.
Despite the broad market gains, many crypto traders remained skeptical that Bitcoin could sustain the move. Analysts pointed to a daily close above the 50-day moving average and key resistance at $68,879 as important to confirm an early trend change. Clearing that level could remove overhead short liquidity and, some say, trigger a liquidation-driven rally toward roughly $82,000.
However, a persistent lack of confident spot demand has constrained sustained breakouts. Open interest in Bitcoin futures and overall spot demand have stayed relatively flat since the Feb. 6 sell-off below $60,000, suggesting much of the recent price action has been driven by headlines, equity market strength and activity in perpetual futures rather than new, directional buying by investors. Many short-term traders remain underwater versus an estimated cost basis near $85,800, and stablecoin inflows to exchanges are close to a two-year low, underscoring reluctance to take large directional positions.
This article is for informational purposes only and is not investment advice or a recommendation. All investments and trades carry risk; readers should conduct independent research before making decisions. The information presented is not guaranteed complete or accurate and may include forward-looking statements; neither the author nor publisher accepts liability for losses arising from reliance on this content.