Bitcoin (BTC) has maintained its position above the critical $70,000 threshold, trading at $70,849.63 as of Thursday, April 9, 2026. While the broader market experienced a modest 1.26% cooldown following the U.S.–Iran ceasefire announcement, Bitcoin remains the focus of a massive geopolitical shift. Bitcoin's Digital Gold narrative is evolving into Digital Oil as Iran officially integrates Bitcoin into the world’s most vital energy chokepoint, the Strait of Hormuz.

On April 7, 2026, shortly after 8 a.m. Eastern time, bitcoin hovered around the $68,000 area and remained unable to clear the $70,000 level. Price metrics showed $68,348.38 with an intraday band of $68,157–$70,242, while multiple timeframes and moving averages signaled fading momentum. The broader range was described as $65,000–$72,000, with $70,000 framed as the key breakout threshold.

Bitcoin traded near $68,500 after the Feb. 28 start of the U.S.-Iran conflict, as its linkage to software tech shares weakened and recent bearish expectations were challenged. Over the same stretch, BTC gained more than 5% while IGV fell more than 2%, with a key support area cited around $67,000 and resistance clustered near $74,000–$75,000.

Strategy expanded its Bitcoin treasury to 766,970 BTC after buying 4,871 BTC for about $329.9 million between April 1 and April 5. The firm funded the purchase with equity proceeds while keeping roughly $2.25 billion in cash, signaling a paced approach as BTC traded near $69,200.

Spot Bitcoin ETFs logged $471.4 million of net inflows on April 6, the biggest one-day total in at least six weeks. The gains were broad-based, led by BlackRock's IBIT ($181.9 million) and Fidelity's FBTC ($147.3 million), with no fund showing an outflow. Bitcoin opened at $68,978 and traded toward $70,000 as the move was tied to shifting macro headlines rather than a crypto-specific trigger.

Bitcoin has not yet flashed three indicators that have often coincided with bear-market bottoms, including reclaiming the short-term holder (STH) cost basis, per analyst Willy Woo. The STH cohort is defined as buyers from the past 155 days, and their average breakeven is cited around $81,000, leaving recent holders with more than a 14% unrealized loss. Bitcoin ended last week below $67,000 and later rebounded to about $69,500 to start Monday.

Bitcoin’s global hashrate slipped nearly 6% from 1,066 EH/s at the end of Q1 2026 to 1,004 EH/s by Q2, alongside mining revenues hitting a 14-month low. The US, Russia, and China still represent about 65% of network computing power, while Paraguay and Ethiopia increased share by leveraging low-cost hydropower. The report also notes older rigs becoming unprofitable above $0.06/kWh and a policy push in the US tied to hardware supply risks.

Binance Research said on April 5, 2026 that Bitcoin is increasingly moving ahead of central-bank policy shifts, rather than reacting after Fed decisions. The report cites a 2026 correlation of −0.778 between BTC and Binance’s Global Easing Breadth Index, versus +0.21 before US spot ETF approvals, alongside spot ETF totals of $56 billion inflows and $87.5 billion AUM. It also flags April 10’s US CPI print as a near-term test as BTC recovered toward $70,000 while equities stayed pressured by tariffs.