Overview
- Bitcoin hovered around $69,000–$71,000 on Thursday after a sharp Tuesday jump that followed President Donald Trump’s short delay of planned strikes on Iranian energy sites.
- Iran’s rejection of U.S. ceasefire terms pushed oil back above $100 and knocked crypto lower, with CoinDesk noting broader risk-off moves and altcoins taking the biggest losses.
- A massive options expiry on Friday is in focus, with roughly $18.6 billion in crypto contracts set to lapse and more than $14 billion tied to Bitcoin, a setup that often swings prices as dealers rebalance.
- Glassnode said the rebound lacks broad spot buying and sits in a fragile range, while Santiment and Bitcoinist reported historically quiet whale activity and a weakening Fundamental Index that undercuts staying power.
- Derivatives have driven the recent moves, with a Tuesday short squeeze wiping out hundreds of millions in bearish bets and later long liquidations hitting as tensions rose, a dynamic that can force traders to buy or sell regardless of conviction.