Analysis: BTC rebounds and breaks through $72k, with signs of easing in Middle Eastern tensions boosting market sentiment

Crypto news: As weekend geopolitical panic eased, Bitcoin rebounded from a low of about $70,500 to $72,100. After the earlier drop triggered by the failure of U.S.-Iran negotiations and tensions in the Strait of Hormuz, the market saw a short-term correction. Reports say Iran is considering abandoning highly enriched uranium as a concession option to end the conflict, boosting the performance of risk assets; meanwhile, U.S. stocks also recovered their early losses, and the Nasdaq turned positive, up 0.3%. However, the U.S. blockade targeting the Strait of Hormuz has officially taken effect, and regional security risks remain uncertain. Crypto-related stocks moved higher in tandem: Circle rose more than 8%, and Coinbase and Strategy also recorded gains. Analysts noted that since Bitcoin’s $60,000 low at the beginning of February, it has been trading sideways for about 67 days, highly similar to the consolidation period before the prior round of declines, and some bears expect the market to test the key $60,000 support level again.