Bitcoin hovered around the $66,000 mark on Monday as markets reacted to rising tensions between Iran and the US. While oil prices surged and Asian shares slipped, the world’s largest cryptocurrency remained relatively steady, showing only mild losses.
At the time of writing, around 12.30 pm, Bitcoin was trading near $66,000, down a little over 1% in the past 24 hours. Ethereum, the second-largest cryptocurrency, fell more sharply, slipping over 3%.
Over the weekend, Bitcoin moved in a wide range between roughly $63,000 and $66,000 as news of escalating conflict in the Middle East unsettled investors. Oil prices climbed sharply on fears of supply disruption, especially around the Strait of Hormuz, a key route for global oil shipments.
Still, crypto traders appeared cautious rather than fearful.
Harish Vatnani, Head of Trade at ZebPay, said Bitcoin largely shrugged off the headlines. “Bitcoin (BTC) brushed off the latest geopolitical tensions over the weekend, holding steady near the $67,000 mark even as headlines around Iran escalated. With traditional financial markets closed, there was no immediate reaction from equities. Crypto did see a brief spike in volatility, but the move quickly faded. BTC/USD stayed within its recent range, avoiding any decisive breakout despite the heightened uncertainty.”
He added that oil remains a bigger macro risk in the background. “Iran’s claim of closing the Strait of Hormuz, a critical route for global oil shipments, raised fears of supply disruptions. Even though the strait is classified as international waters, the situation created immediate anxiety around potential oil price spikes and the ripple effect that could have on US inflation and broader risk sentiment.”
THE BIGGER PICTURE FOR BITCOIN
Bitcoin’s current levels come after a sharp correction from its all-time high of $126,199. The price had earlier fallen nearly 36 per cent to around $80,600, before slipping further to a recent low near $60,000.
Since then, the cryptocurrency has recovered and is now trading in a broad range between $65,000 and $72,000. Analysts say $60,000–$65,000 remains an important support zone, while $75,000 and $80,000 could act as strong resistance levels, said Vatnani.
In simple terms, Bitcoin is moving sideways for now. It is neither breaking down sharply nor pushing strongly higher.
CRYPTO SHOWS RESILIENCE
Riya Sehgal, Research Analyst at Delta Exchange, believes Bitcoin’s behaviour during this crisis shows strength.
“Geopolitical tensions have amplified volatility across global markets, and crypto has not been immune. Over the weekend, Bitcoin briefly slipped to $63,000 amid escalating conflict in the Middle East but quickly recovered near $66,500, showing remarkable structural resilience.”
She said that traders are now waiting to see how US stock markets react when they reopen.
“When US markets reopen this evening, traders will closely watch how equities react to geopolitical developments, a key driver that could define crypto’s next directional move. Persistent inflation, elevated oil prices, and macro uncertainty weigh on risk assets, but Bitcoin’s ability to absorb shocks without breaking structure highlights deep underlying demand. If tensions ease, March could usher in a relief rally.”
WHAT IT MEANS FOR INVESTORS
For crypto investors, the key takeaway is stability amid uncertainty. While global tensions have clearly increased risk in financial markets, Bitcoin has not seen extreme selling pressure so far.
However, caution remains important. Rising oil prices could fuel inflation again, which may delay interest rate cuts and put pressure on risk assets, including cryptocurrencies.
In uncertain times like these, many investors prefer to avoid large bets and instead wait for clarity. The coming days, especially the reaction of US equities and oil prices, may decide crypto’s next big move.
