Bitcoin regains the $70,000 level… “Direction to hinge on Middle East variables”

Bitcoin (BTC) extended its rebound after reclaiming the $70,000 level, but analysts say the next move will be driven by tensions between the United States and Iran.

According to CoinDesk on the 23rd (local time), Bitcoin briefly topped $70,000 on the 24th (local time) and traded around $71,000, up about 3.8% over the past 24 hours. Major altcoins such as Ethereum (ETH), Solana (SOL) and Dogecoin (DOGE) rose by around 5%, posting a stronger bounce.

The outlet said the rally was sparked after U.S. President Donald Trump stated he would hold off for five days on a military strike targeting Iran’s energy infrastructure. Trump cited the possibility of diplomatic progress, but Iran denied it. Even so, markets took it as a near-term easing of risk, with risk assets broadly higher.

Crypto-related stocks also climbed in tandem. Bitcoin miner Hut 8 (HUT) surged more than 11%, while Bitfarms (BITF), Cipher Mining (CIFR), CleanSpark (CLSK), Riot Platforms (RIOT) and TeraWulf (WULF) gained 6–7%. The S&P 500 and Nasdaq also rose about 1.2% the same day, signaling a broader rebound across global equities.

Still, some in the market cautioned against reading too much into the bounce. Jasper de Maere, a trader at Wintermute, said “the market’s upside will be determined by how the next five days unfold.”

If oil prices stabilize and energy shipments through the Strait of Hormuz normalize, inflation concerns could ease and rate-cut expectations could revive—potentially opening room for further gains in Bitcoin. In that scenario, Bitcoin may attempt to break back above the $74,000–$76,000 zone, which has recently acted as resistance.

On the other hand, if tensions flare again or energy supplies are disrupted, a rise in oil prices and a stronger risk-off mood could push Bitcoin back into the mid-$60,000 range, some warned.