Bitcoin Holds Above $70K as U.S.-Iran Ceasefire Cracks Rattle Crypto Markets

Bitcoin traded at $70,981 on Thursday, slipping 0.5% over the past 24 hours but still posting a solid 6.1% weekly gain. The dip came as a two-week ceasefire between the United States and Iran — which had sparked a broad market rally just days earlier — began showing signs of breaking down within 48 hours of its announcement.

Iranian Parliament Speaker Mohammad Bagher Ghalibaf publicly stated that three clauses of the agreement had been violated, though he did not identify which ones. Israeli military operations in Lebanon continued, and the Strait of Hormuz — the strategic shipping corridor whose reopening was central to the deal — remained largely shut, with tanker traffic staying minimal despite Iran's commitment to allow coordinated passage.

Oil markets swung sharply in response. Brent crude bounced back roughly 2% to around $97 per barrel after collapsing more than 10% on Wednesday, its steepest single-day drop in six years. The rapid reversal signals how quickly investor sentiment shifted from optimism to caution over whether the ceasefire can hold.

Other major cryptocurrencies extended their losses. Ether fell 2.6% to $2,180, Solana dropped 3.1% to $81.96, XRP declined 3% to $1.33, and Dogecoin slid 3.4% to $0.091. BNB remained relatively stable, slipping 2.2% to $600.

Global equity markets also pulled back. The MSCI Asia Pacific Index declined 0.9%, while S&P 500 and European futures pointed to modest losses, suggesting a four-day winning streak for world stocks was coming to an end.

Macroeconomic headwinds added further pressure. The Federal Reserve continued to flag inflation risks amid softening labor conditions, reinforcing expectations for higher interest rates. Japan's wage growth hit multi-decade highs, fueling further rate hike speculation and contributing to what analysts described as uncoordinated tightening across major economies.

Despite the volatility, Bitcoin's resilience above $70,000 marks the most constructive price action since regional tensions escalated six weeks ago, with the $65,000–$73,000 trading range still intact and prices now pressing toward the upper boundary.