Bitcoin price rebound wobbles as Israel defies Trump and hits Iran, sending oil back toward $100
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Bitcoin's brief weekend rally lost its footing as a sudden resumption of military hostilities between Israel and Iran triggered a broad rotation away from risk-on investments.
Key facts
According to oilprice.com, Brent crude futures spiked 4.47% to reach $97.15 a barrel, while U.S. West Texas Intermediate advanced 4.50% to $94.61
Adler highlighted that while the spot price recovered roughly 4% from its lows, aggregate futures open interest contracted by 6%, dropping from $1.65 billion to $1.55 billion
Data from CryptoSlate showed that Bitcoin retreated to approximately $63,316 as of press time, after reaching an intra-day high of $64,128 during a weekend short squeeze
Bitcoin is +3.02% over the past 24 hours and currently sits at rank # 1 by market cap
Summary
01 Bitcoin rebounded above $60,000 after a weekend short squeeze, then slipped as Israel-Iran fighting resumed and risk assets sold off. 02 The conflict lifted Brent and WTI sharply, while analysts say Bitcoin's bounce looked mechanical, with futures open interest falling. 03 Without fresh spot demand, traders warn BTC could quickly revisit $60,000 if geopolitical stress and weak sentiment persist. The geopolitical escalation, which defied explicit diplomatic pressure from Washington, sent global energy benchmarks surging and equity markets lower, leaving BTC to defend a highly fragile $60,000 baseline.