Bitcoin is currently trading at $70,982.90. Its short-term trend has become decoupled from the fundamentals of cryptocurrencies and is now closely linked to global oil price fluctuations. Since the US and Iran reached a two-week ceasefire agreement, geopolitical risks have eased, causing crude oil prices to drop by approximately 15% and fall below the $100 mark.

This macroeconomic factor has directly reshaped the market’s perception of the Federal Reserve’s monetary policy. Meanwhile, Bitcoin rebounded from a low of $67,000 this week to $70,900. However, previous attempts to break through the $70,000 level failed, indicating that a market lacking sustained upward momentum is highly susceptible to external influences.