The price of Bitcoin surged to around $74,600 during Monday’s Wall Street opening session, marking a six-week high as global markets reacted positively to signs of easing tensions in the Middle East. The rally came as U.S. stocks gained about 1.5 percent while commodity markets moved in the opposite direction.
Market sentiment improved after signals that the United States may allow Iranian oil tankers to pass through the strategically vital Strait of Hormuz, a key global shipping route for energy supplies. The development follows comments from Donald Trump about coordinating efforts to fully reopen the oil corridor, which had faced disruptions amid regional tensions.
As geopolitical fears slightly subsided, oil and gold prices declined. WTI Crude Oil dropped below $100 per barrel, while Gold fell toward the $5,000 support level, testing its 50-day simple moving average for the first time since early February.
Crypto markets, however, moved in the opposite direction. Analysts from QCP Capital noted that both Bitcoin and Ethereum rose strongly, with Bitcoin surpassing $74,000 and Ethereum climbing above $2,270. The firm said the price movement could revive the narrative of Bitcoin acting as a “digital safe haven” during periods of geopolitical uncertainty.
Despite the rally, many traders remain cautious. Market analysts warn that the current surge could simply be a short-term relief bounce rather than the start of a sustained uptrend. Crypto trader CME Group futures data also shows a price gap near $71,500, which some traders believe could act as a potential reversal or support level if Bitcoin pulls back.
While Bitcoin has reclaimed key technical trend lines after a strong weekly close, traders say the broader market trend remains uncertain, with many still expecting volatility before a clear long-term direction emerges.