Bitcoin moved back above $71,000 after US President Donald Trump postponed Iran strike for five days, sending oil price crashing below $100.
Bitcoin (BTC) broke back toward $71,000 during Monday’s European trading session as US President Donald Trump said attacks on Iran’s power infrastructure would be postponed.
Key takeaways:
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Bitcoin bounces 5% to $71,000 after President Trump said US attacks on Iran’s infrastructure would be postponed.
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$270 million in short positions were liquidated in an hour.
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Focus now shifts to $72,000–$75,000 liquidity zones to see if BTC price will rise further to grab these.
Bitcoin erases weekend losses with 5% rebound
Data from TradingView showed BTC price rose as much as 4.7% within 60 minutes to an intraday high of $71,500, recouping all the losses made over the last three days. The last time BTC/USD traded above $71,000 was on March 19.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingViewThe price reacted to President Trump’s announcement of a five-day pause on planned US military strikes against Iranian power plants and energy infrastructure after “very good and productive” discussions with Tehran.
Source: TruthSocial/Donald J. Trump“And this shall henceforth be known as the ‘TACO PUMP,’” Coinbureau CEO Nic Puckrin said in response to Bitcoin’s reaction following the news.
The move in Bitcoin was accompanied by $270 million in short liquidations within an hour, with BTC short liquidations accounting for $120 million.
This brought the total liquidations across the crypto market over the last 24 hours to $781 million.
Crypto liquidations. Source: CoinGlassGold erased almost all its earlier losses, now down just 1% on the day and rebounding to $4,440 per ounce, while the dollar index (DXY) has slipped to 99.3.
Related: Gold bear market and sub-$50K BTC: Five things to know in Bitcoin this week
Oil, a key macro risk factor, dropped as much as 16% to $92 from an intraday high of $110, while WTI crude dropped below $85 — the steepest single-day decline since late 2025.
CFDs on WTI crude oil one-hour chart. Source: Cointelegraph/TradingViewHowever, Iranian officials quickly denied the reports of substantive productive talks, insisting no meaningful concessions had been made and reiterating demands for a complete halt to US and Israeli actions before any broader resolution.
Bitcoin price fills CME gap at $70,000
Bitcoin started the week with a significant CME gap around $70,000. This gap has now been filled with the latest price rise. Traders will now focus on the next one near the $80,000 region.
Source: BitcoinsensusMeanwhile, the liquidation heatmap showed BTC price eating away ask orders below $72,000. A close above this level would push the BTC/USD pair toward $75,000, where the next major liquidity cluster sits.
Bitcoin liquidation heatmap. Source: CoinGlassOn the downside, “the $64K-$65K region is interesting,” analyst Daan Crypto Trades said, adding:
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Source: https://cointelegraph.com/news/bitcoin-taco-pumps-71k-oil-crashes-trump-pauses-iran-strikes?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
