Could this be the long-awaited breakout for BTC? After several turbulent trading weeks, the cryptocurrency has once again stabilized above the $70,000 mark. According to TradingView data, the price has risen by more than 4% over the past 24 hours. At the time of writing, Bitcoin is trading around $70,049.
One possible driver of the rally was the recent comments from U.S. President Donald Trump. During a press conference at the White House, he suggested that the war with Iran could end soon. “It will be over soon,” he said, although he did not provide a specific timeline. Meanwhile, on the prediction market Polymarket, a majority of participants currently expect the conflict to end by June 30.
For now, those statements appear to have been enough to restore investor interest in the market. Activity on derivatives platforms has increased significantly. According to Coinglass data, open interest rose by an average of 4.5% over the past 24 hours.
At the same time, roughly $325 million in positions were liquidated on derivatives markets, with liquidations affecting long and short traders almost equally.
Wall Street also appears to be re-entering the market. Bitcoin spot ETFs in the United States recorded net inflows of about $167 million at the start of the week.
So far, however, investment flows remain concentrated mainly in BTC. ETFs tied to Ethereum, XRP, and Solana recorded outflows ranging from $51.3 million to $2.4 million.
Despite these outflows, altcoin index funds did not significantly weigh on the broader market. Over the past 24 hours, most cryptocurrencies have gained between 3% and 4.3%.
The biggest daily winner was DeXe. The DAO-related token surged by more than 15%.
G7 may release oil reserves as crude prices fall
The easing of market tension is also linked to the fading oil shock triggered by the conflict with Iran. After oil prices previously approached the $120 level, WTI and Brent crude recently dropped to around $90 per barrel.
The decline follows reports that the G7 countries are considering releasing strategic oil reserves.
According to reports from the Financial Times citing anonymous sources, between 300 and 400 million barrels of oil could be released onto the market. That would represent roughly one-third of the available reserves, which are estimated at about 1.2 billion barrels.
Following these developments, U.S. equity markets also moved higher. The S&P 500 gained 3.4% compared with Monday morning, reaching 6,811 points. The Nasdaq 100 rose about 4%, climbing to 25,034 points.
