Bitcoin Climbs Toward $75K as Market Volatility Grows During U.S.–Iran Conflict
Bitcoin extended its rally over the weekend, pushing higher as global markets grappled with the ongoing conflict between the United States and Iran. The world’s largest cryptocurrency carried its momentum into Monday, briefly touching $74,157 during early Asian trading before settling slightly lower near $73,978.
The move marks a strong short-term performance for Bitcoin, which is up roughly 3.1% over the past 24 hours and about 9% over the last week. The surge comes amid escalating geopolitical tensions that have unsettled traditional markets.
Global attention has also focused on the strategically vital Strait of Hormuz, a key shipping corridor for the world’s oil supply. During an interview with the Financial Times, U.S. President Donald Trump warned that failure by allied nations to help secure the passage could pose major risks for the future of NATO. In a separate message posted on Truth Social, he urged countries reliant on oil shipments through the strait to play a role in safeguarding the route.
The uncertainty has already rippled through commodity markets. Crude oil prices have climbed steadily and are now trading around $99.25 per barrel, representing a nearly 28% increase since early March, though still below last week’s peak near $119.48.
Meanwhile, Gold—often considered a traditional safe-haven asset during geopolitical crises—has moved in the opposite direction. Since the conflict began on February 28, gold prices have slipped roughly 7%, while Bitcoin has advanced about 11% over the same period.
Market observers say Bitcoin’s rally is not directly tied to the conflict itself but rather to the broader economic consequences it could trigger. Rising energy costs, slower economic growth, and expanding government deficits may ultimately place additional strain on fiscal systems, potentially boosting demand for alternative assets such as Bitcoin.
On-chain indicators also suggest that the market is being driven more by long-term investors than short-term traders. One metric, known as “Bitcoin Days Destroyed,” has dropped to its lowest level in nearly three years. The decline indicates that coins held for long periods are largely staying dormant rather than being sold, reflecting strong conviction among long-term holders.
Another factor supporting the recent rally is the stabilization of inflows into spot Bitcoin exchange-traded funds. Consistent demand from these investment products over several weeks has helped reinforce upward price momentum.
Options market dynamics could also play a role in Bitcoin’s next move. A large cluster of options contracts sits around the $75,000 strike price, creating what traders describe as a “negative gamma” zone. If Bitcoin pushes through that level, market makers who sold those options may need to buy Bitcoin to hedge their positions, potentially accelerating the rally.