Bitcoin was trading above $69,000 as of press time on Monday after US President Donald Trump extended the deadline against Iran from Monday to Tuesday night while continuing to warn of possible attacks on critical infrastructure.
President Trump said the United States would “blow everything up” if Iran doesn’t reach a deal by 1 a.m. Japan time on Wednesday. The extension marks the fourth adjustment to Washington’s timeline for potential military action even as the Strait of Hormuz remains closed.
For its part, Iran has denied any reports that peace talks are underway and has issued threats to its oil-producing neighbors within OPEC. In addition to this, authorities are seeking to challenge the petrodollar system by allowing some oil shipments in exchange for tolls paid in Bitcoin or euros. This development is likely to coincide with the increased spot demand for Bitcoin seen on Sunday.
The new warning comes as the Strait of Hormuz remains closed to global shipping for more than three weeks, disrupting the shipping route responsible for around 20% to 30% of global oil shipments and consumption.
The US government has repeatedly issued ultimatums demanding the resumption of traffic, warning of a “catastrophic” attack on Iran’s energy infrastructure if conditions are not met.
However, Iranian authorities have signaled plans to remain closed while considering paying for transit to offset war-related damage. They added that the strait could reopen once a compensation mechanism is in place.
Oil markets are already reacting sharply. Brent crude oil settled above $109 a barrel on Thursday, with traders bracing for more volatility once markets reopen. Rising energy prices and prolonged geopolitical stress could weigh on risk assets, limiting Bitcoin’s near-term gains.
Short-term liquidations accelerate Bitcoin’s rise
Bitcoin (BTC) today surpassed the $69,000 threshold for the first time since early April, rising about 2.75% during early trading on Monday. The asset reached an intraday peak around $69,321 and then declined slightly to around $69,100.
Bitcoin’s rising price has triggered a surge in short-term liquidations, with data from Coinglass showing that more than $104.5 million of short positions were liquidated within 24 hours, out of a total of $196 million in liquidations in the crypto market.
Such liquidations often accelerate upward movements as forced buybacks from short sellers create additional demand and strengthen momentum.
Therefore, if Bitcoin manages to sustain above the recovered $69,000 level, the next resistance range for the leading asset will be between $70,000 and $72,000.
