Bitcoin rallied 4% to $71,000 on March 10 after Trump signaled the Iran conflict could end soon, triggering hundreds of millions in liquidations.
Bitcoin jumped nearly 4% to $71,000 on March 10 as President Trump signaled the Iran war could end "very soon," sending oil prices tumbling and sparking a broad risk-asset rally across crypto markets.
Bitcoin surged from around $68,000 to above $71,000 during early trading on March 10, its strongest single-day move in over two weeks. The rally came after President Trump stated the Iran war is "pretty much complete" and could conclude "very soon."
The comments triggered a sharp reversal in oil markets, with crude pulling back below $100 per barrel after last week's spike above $119. The Dollar Index (DXY) dropped to 98.5, providing additional tailwinds for risk assets. Ethereum reclaimed the $2,000 level, while the broader crypto market cap rose 4.4% to nearly $2.5 trillion.
The move triggered significant liquidations across crypto derivatives, with reports indicating over $300 million wiped out, the majority from short positions. Bitcoin's spot trading volume surged past $24 billion in the past 24 hours.
This rally marks a continuation of Bitcoin's emerging pattern as a geopolitical hedge. Just yesterday, BTC gained 2.8% while equities slumped during the Hormuz crisis. Today's stronger move confirms that institutional holders are treating Bitcoin as a macro barometer rather than a pure speculative asset.
The Fear and Greed Index remains at extreme fear levels near 8, yet prices are climbing. This divergence between sentiment and price action often signals that large holders are accumulating while retail investors stay on the sidelines. Bitcoin ETFs recorded two consecutive weeks of positive inflows after a four-month withdrawal streak, with $1.45 billion flowing into spot products in early March.
The Federal Reserve meets on March 18, with markets overwhelmingly pricing in unchanged rates. If geopolitical tensions continue to ease, focus will shift back to monetary policy and whether the Fed signals any path toward cuts in H2 2026. Bitcoin faces key technical resistance near $72,000, a level that has acted as a ceiling multiple times in recent months. A clean break above it could open the door toward $75,000.
The speed of this recovery, from crisis to rally in just 24 hours, highlights how quickly crypto markets reprice geopolitical risk. Whether the rebound holds depends on whether a formal ceasefire materializes in the coming days.
Wall Street giant Citigroup projects Bitcoin could reach $143,000 within 12 months, citing ETF demand and regulatory tailwinds as key catalysts.
Michael Saylor's Strategy reported a $14.46 billion unrealized loss on its bitcoin holdings in Q1 2026, then purchased another $330 million in BTC days later.
The largest US bank is assessing spot and derivatives trading services as regulatory clarity enables traditional finance to deepen crypto involvement.
Disclaimer: News content is for informational purposes only and should not be considered financial advice. Market conditions can change rapidly. Always conduct your own research.
