The BTC price is up in the past few hours after dipping earlier today as U.S.-Iran tensions escalated. The pullback dragged Bitcoin to around $67,000. Despite geopolitical jitters and rising oil prices, crypto markets remain range-bound as spot investors buy the dip.
BTC Price Holds Range After Sharp Weekend Swing
At press time, the BTC price was at $68,600, up by 0.40% in the past hour as per TradingView data. However, it still shows a 0.30% decline over the past 24 hours. Today, Bitcoin slipped below $70,000 after reclaiming that level yesterday.
Source: TradingView
As CoinGape reported, the Bitcoin price had dropped to as low as $66,000 earlier in the day as crude oil prices hit $85, its highest level since 2024. However, the leading has since recovered and is showing strength amid the rising tensions between the U.S. and Iran.
According to crypto trader Myles G, Bitcoin is holding firm while other assets decline. He added that strong spot buyers continue to step in on the BTC price dips. He also noted that many of these buyers come from Bitcoin ETFs. As CoinGape reported, Bitcoin ETFs logged in $458M. Inflows with VanEck CEO predicting a gradual BTC rally
Similarly, analyst Exitpump said the BTC price bounced from $66,000 with spot buyers leading the move. He pointed to bullish absorption on spot CVD as supporting evidence.
However, analyst Ted Pillows said Bitcoin still trades within a defined channel. He expects a move above resistance, which is at $70,000, before another potential decline.
On-chain data adds another context. According to Lookonchain, the U.S. government transferred 0.0378 BTC worth $2,520. The platform suggested the transaction may represent a test.
Accumulation Trends Persist Despite Iran Escalation
According to CryptoQuant analyst Darkfost, Bitcoin accumulation has resumed despite market uncertainty. He said exchange netflows show investors withdrawing BTC for longer-term holding.
NetFlow measures the difference between exchange inflows and outflows. It helps track whether investors plan to sell or hold their coins.
On Binance, which holds about 665,000 BTC, netflows turned negative on February 21. Since then, cumulative netflows reached negative 13,500 BTC. Notably, 3,848 BTC left the platform in a single day.
Across all top crypto exchanges, netflows remained negative for seven straight days. Darkfost said this trend suggests renewed investor interest at current levels. At the same time, rising oil prices pressured markets earlier in the day.
However, Politico reported that the Trump administration is considering military protection for oil and gas tankers in the Strait of Hormuz. The report said officials may back tanker insurance and address Iran war-risk policy cancellations. Natural gas and oil flows from Qatar and Saudi Arabia remain central.
Restoring full access to the Strait of Hormuz is viewed as vital as energy prices surge. This could keep oil prices steady, hence boosting the BTC price. Additionally, President Trump has stated that the U.S. Navy will begin escorting commercial tankers through the Strait of Hormuz.
