Bitcoin extends above $69K on Monday, reaching an intraday peak near $69,321. That’s the first time since early April. The catalyst? President Trump pushed back his Iran deadline from Monday to Tuesday night. He warned of “blowing everything up” if no deal is reached by 01:00 GMT Wednesday.
This marks the fourth timeline adjustment. The Strait of Hormuz remains shut, disrupting 20–30% of global oil transit. Oil prices are already elevated, with Brent above $109 per barrel. Traders brace for more volatility.
Why Bitcoin Extends Above $69K Despite War Risks
At first glance, this move seems odd. War escalations usually push risk assets down. But two dynamics are at play.
First, Iran is now allowing select oil shipments to pass in exchange for tolls paid in Bitcoin or euros. That’s a direct challenge to the petrodollar system. It likely sparked spot demand for Bitcoin, visible since Sunday.
Second, short liquidations are fueling the fire. CoinGlass over $104.67 million in short positions were liquidated in 24 hours. Forced buybacks create a reflexive loop, pushing prices higher.
What’s Next for Bitcoin?
If Bitcoin holds above the reclaimed $69,000 level, the next resistance range is $70,000 to $72,000. However, elevated energy prices and prolonged geopolitical stress could still weigh on risk assets. The deadline extension gives a short-term reprieve, but the underlying conflict is far from resolved.
My Thoughts
This is a strange rally. Normally, war escalation sends crypto down with stocks. But Iran’s move to accept Bitcoin for oil tolls is a game-changer. It creates real, fundamental demand. Shorts got caught offside, and the squeeze is violent. However, don’t get too comfortable. Trump’s deadline is just a pause. If no deal comes by Wednesday, the “blow everything up” scenario could trigger a sharp reversal. For now, momentum is up. Watch $69K as support. Break above $72K would flip the trend bullish. Stay nimble.
