The Bitcoin price is up on the day, reaching the psychological $70,000 level, despite dropping to as low as $63,000 over the weekend. This price rally comes on the back of a decline, with risk-on sentiment still evident despite rising tensions between the U.S. and Iran.
Bitcoin Price Rises To $70,000 Despite U.S.-Iran Tensions
TradingView data shows that the leading crypto is up over 6% on the day, rising from an intraday low of $65,000 to $70,000, its highest level since February 15. BTC has climbed despite the U.S.-Iran war, which had threatened to send prices lower.
Source: TradingView; Bitcoin Daily ChartNotably, the Bitcoin price rally follows gold’s decline to $5,300 from an intraday high above $5,400, according to TradingView data. This signals that investors are buying the dip rather than rushing to safe-haven assets such as gold and silver. Silver has also declined today, down over 6% from an intraday high of $96.
Source: TradingView; Gold Daily ChartMarket expert Adam Livingston concurred that a “face-ripping rotation” from Silver to BTC may be occurring. He further noted that, against gold, Bitcoin is about 43% higher than the FTX winter trough in gold terms. “BTC still looks close-ish to prior stress lows, while gold-relative BTC has already repriced a lot higher,” he added.
Meanwhile, BlackRock’s Research recently made a bullish case for the Bitcoin price, noting that the leading crypto tends to outperform traditional assets like gold and stocks during geopolitical conflicts. As such, the BTC price could again record significant gains even as tensions between the U.S. and Iran continue to escalate. U.S. President Donald Trump has said that the operation against Iran could last up to four weeks.
Trading firm QCP Capital noted that Bitcoin has managed to stay range-bound amid the geopolitical tensions. However, they warned that BTC may be facing competition from tokenized gold as a weekend macro hedge.
Short-Term Holders Are Not Panicking
A CryptoQuant analysis noted that short-term BTC holders are not packing despite the recent escalation between the U.S. and Iran. This could also explain why the Bitcoin price has managed to stay range-bound rather than suffering a sharp crash.
Source: CryptoQuantThe sell-side pressure from these recent buyers is said to be fading as they are replacing panic with patience or possibly exhaustion. On-chain data show no meaningful spike in exchange inflows from this “typically event-sensitive cohort.” Flows remained notably subdued even when the BTC price briefly dropped to between $63,000 and $64,000 over the weekend.
The analysis noted that this shift is important as markets typically stabilize when weak hands are done selling. “The current reduction in loss-driven transfers suggests that a significant portion of the recent liquidation pressure may already have been absorbed,” it added.
Source: https://coingape.com/bitcoin-price-rises-to-70k-as-gold-crashes-amid-u-s-iran-conflict/
