BTC Surges Past $71K While Crude Plummets as Trump Delays Iranian Operations
The price of Bitcoin climbed beyond the $71,000 threshold following a five-day postponement of Iranian strikes announced by US President Donald Trump, triggering an oil price collapse under the $100 mark.
During European trading hours on Monday, Bitcoin (BTC) climbed back toward the $71,000 threshold as President Trump announced a postponement of planned attacks on Iranian power infrastructure.
Key takeaways:
- Following President Trump's announcement that US strikes on Iran's infrastructure would be delayed, Bitcoin experienced a 5% rally to $71,000.
- Within a single hour, short positions totaling $270 million faced liquidation.
- Market attention now turns to liquidity zones between $72,000 and $75,000 to determine whether BTC will continue climbing to capture these levels.
5% surge in Bitcoin wipes out weekend declines
According to TradingView data, the price of BTC rallied by up to 4.7% in a 60-minute window, reaching an intraday peak of $71,500 and reversing all losses accumulated during the previous three days. The BTC/USD pair hadn't traded above the $71,000 level since March 19.
The market reacted to President Trump's declaration of a five-day suspension on anticipated US military operations targeting Iranian energy infrastructure and power plants, which came after discussions with Tehran described as "very good and productive."
Responding to Bitcoin's movement following the announcement, Coinbureau CEO Nic commented: "And this shall henceforth be known as the 'TACO PUMP.'"
The upward movement in Bitcoin coincided with short liquidations totaling $270 million in a single hour, with liquidations of BTC shorts representing $120 million of that figure.
This pushed total liquidations throughout the cryptocurrency market in the past 24 hours to $781 million.
Meanwhile, gold recovered nearly all of its previous losses, declining by only 1% for the day and climbing back to $4,440 per ounce, as the dollar index (DXY) fell to 99.3.
Crude oil, representing a critical macro risk element, plummeted by as much as 16% to $92 from an intraday peak of $110, with WTI crude falling beneath $85 — marking the sharpest single-day drop since late 2025.
Nevertheless, Iranian officials swiftly refuted reports of substantive productive talks, maintaining that no meaningful concessions had been made and repeating demands for a complete halt to US and Israeli actions before any broader resolution.
CME gap around $70,000 gets filled by Bitcoin price
The week began for Bitcoin with a notable CME gap in the vicinity of $70,000. The recent price surge has now closed this gap. Market participants will now turn their attention to the subsequent gap located near the $80,000 area.
At the same time, the liquidation heatmap revealed BTC price consuming ask orders situated below $72,000. A closing price above this threshold would drive the BTC/USD pair in the direction of $75,000, the location of the subsequent significant liquidity cluster.
Looking at potential downside movement, analyst Daan Crypto Trades noted that "the $64K-$65K region is interesting," adding:
"Currently there's a lot of fear for the latter which is why most markets have been selling off a lot the past few trading days."