Bitcoin Price Reclaims $70,000 on US-Iran Peace Deal Talks, What’s Next?

Key Insights:

• Amid US-Iran peace deal chances, daily BTC trading volume jumped 32% to over $50 billion, while the total crypto market cap rose by about $60 billion.
• U.S. equities rallied alongside crypto, with the S&P 500 reclaiming 6,800 and adding roughly $2 trillion in value.
• The next Bitcoin price move will depend on upcoming U.S. economic data, including Wednesday’s CPI and Friday’s Core PCE inflation report.

Bitcoin price has reclaimed the $70,000 earlier today amid discussions of a potential peace deal in the US-Iran war. The daily BTC trading volume has also surged by 32% to more than $50 billion, showing bullish sentiment.

The oil price has also come crashing down from $117 per ounce to $85 per ounce. At the same time, the S&P 500 and Dow Jones made a sharp recovery on peace deal talks.

Bitcoin Price Pumps As US-Iran War Tensions Ease

Bitcoin reclaimed the $70,000 level after geopolitical tensions between the United States and Iran showed signs of easing. As a result, the overall crypto market sentiment has improved.

Market expert Crypto Patel now points to the $80,000–$90,000 range as the next potential upside zone. Two key bearish order blocks are positioned in this region. They could act as resistance if Bitcoin price moves higher.

The first resistance zone is seen between $75,000 and $79,000. However, a second order block sits between $86,000 and $90,000.

Analysts note that the $60,000 level remains a critical support area that must hold to maintain the broader bullish structure. Traders are watching how price reacts around these resistance zones.

U.S. markets rebounded sharply after President Donald Trump signaled a potential end to the Iran conflict. The global risk sentiment turned positive with Bitcoin and altcoins gaining.

The S&P 500 reclaimed the 6,800 level, adding roughly $2 trillion in market value from overnight lows. At the same time, CBS reported that President Trump is considering a U.S. takeover of the Strait of Hormuz.

The total crypto market cap surged by $60 billion in 24 hours, moving to $2.32 billion. Bitcoin price rally to $70,000 was leading most of the gains.

Meanwhile, oil markets saw a sharp reversal. Brent crude fell from $117 to below $90 per barrel. This shows a decline of roughly 23% from recent highs.

Bitcoin Price Move to Stay Volatile Before US CPI Data

Apart from the ongoing US-Iran war, macro indicators will play a key role in the next Bitcoin price move. The first key event arrives on Wednesday, Feb. 11, with the release of the February Consumer Price Index (CPI).

Market participants say a CPI reading below 2.4% could strengthen expectations of Federal Reserve rate cuts. It could thus benefit risk assets like Bitcoin and cryptocurrencies. However, a higher-than-expected inflation print could reinforce a hawkish stance from the Fed, weighing on crypto prices.

Attention will then shift to Friday’s data releases. That includes Core PCE inflation, GDP figures, JOLTS job openings, and consumer sentiment. Core PCE, the Federal Reserve’s preferred inflation gauge, is expected to rise to 3.1% from the previous reading of 3.0%.

Analysts note that a drop below 3% could support a rally in digital assets. However, a hotter reading could mean that the Fed can hold interest rates higher for a long time.

Moreover, investors will also watch for weekly jobless claims coming this Thursday, Feb 12. Market observers say softer employment data could signal a slowing economy and increase the likelihood of earlier rate cuts. This could eventually lead to higher Bitcoin price.

US-Iran War Could Be Bullish for Bitcoin

Investor Anthony Pompliano said Bitcoin’s recent resilience during periods of geopolitical uncertainty. According to Pompliano, capital traditionally flows into safe-haven assets such as gold when geopolitical tensions rise. However, he argued that a generational shift is underway.

Pompliano believes that younger investors and portfolio managers increasingly turning to Bitcoin instead of gold during times of market stress. He noted that spot Bitcoin ETFs have reached inflow levels that took gold ETFs nearly 15 years to achieve.

Following yesterday’s Bitcoin price pump, inflows into spot Bitcoin ETFs also shot up. The net inflows across all Bitcoin ETFs on Monday, was $167 million, with BlackRock’s IBIT alone contributing $109 million.

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