Bitcoin's price broke through $70,000 yesterday and held most of its gains after positive news came out.

The main reason is that Trump announced a five-day pause on military strikes against Iran's energy facilities, temporarily cooling the geopolitical risks that the market was worried about. Previously, everyone was hesitant to enter the market due to fears of escalating tensions, rising oil prices, and market turmoil; now that risks have eased, capital is flowing back into risk assets.

Besides Bitcoin, mainstream altcoins like Ethereum, Solana, and Dogecoin have also risen broadly, with gains around 5%. At the same time, cryptocurrency-related mining stocks have also rebounded accordingly, with the broader U.S. stock market strengthening in sync. The S&P 500 and Nasdaq indices both rose approximately 1.2%, and overall market sentiment has improved noticeably.

Going forward, Bitcoin's direction depends on two key factors: first, whether oil prices in the Strait of Hormuz remain stable, and second, whether shipping can operate normally.

If the situation continues to stabilize and oil prices decline, Bitcoin may test the $74,000 to $76,000 range again; if the situation becomes tense again and oil prices rise, Bitcoin could also pull back to the mid-$60,000s range.

Simply put, this rally has been driven by improved risk sentiment, and how it plays out from here mainly depends on Middle East tensions and oil price movements!

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