Bitcoin nears $70K as easing geopolitical tensions, weaker dollar lift sentiment

Bitcoin is trading near $70,000 as easing geopolitical tensions and a weaker dollar have lifted sentiment in the crypto market. The cryptocurrency was trading at $69,962 on Wednesday.

In the past 24 hours, Bitcoin and Ethereum were down 0.14% and 0.51%, respectively. Among major altcoins, BNB, XRP, and Solana fell less than 1%, while Tron, Dogecoin, Cardano, and Hyperliquid gained up to 1%.

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“The crypto market has entered a technically sensitive phase following Bitcoin’s sharp rebound toward the $70,000 region. This move appears to be driven by a combination of macro relief, short-covering activity, and renewed institutional flows into digital asset investment products,” said Riya Sehgal, Research Analyst at Delta Exchange.

Sehgal added that easing geopolitical concerns and a softer US dollar have improved global risk sentiment, which has historically supported both equities and crypto assets. Bitcoin’s recovery from the mid-$60,000 range suggests buyers remain active on dips, though the market has not yet confirmed a clear trend continuation.

The global crypto market capitalisation edged down 0.12% to $2.38 trillion, according to CoinMarketCap.

“Although market sentiment remains in the fear zone, it is improving significantly,” the CoinDCX research team said.

Over the past week, Bitcoin and Ethereum gained 3.27% and 3.86%, respectively. Among major altcoins, BNB, XRP, Solana, Tron, Dogecoin, Cardano, and Hyperliquid gained up to 12%.

Akshat Siddhant, Lead Quant Analyst at Mudrex, said Bitcoin continues to trade in bullish territory near the $70,000 zone after testing resistance around $71,800. Statements by US President Donald Trump suggesting the war could be nearing an end have also boosted investor sentiment and supported momentum.

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Market perspective

Nischal Shetty, Founder of WazirX, said Bitcoin is holding near $69,700 as macro pressures and US policy shifts keep markets on edge. “Geopolitical tensions are rattling markets hard.”

Vikram Subburaj, CEO of Giottus, said the asset has stabilised after briefly testing lower levels over the weekend. Traders continue to weigh institutional flows against near-term macroeconomic uncertainty. “The broader market still lacks a decisive directional trigger.”

The CoinSwitch Markets Desk noted that despite quiet price action, the derivatives market still shows a bullish tilt. Options data indicates traders are placing more bets on prices rising than falling, with a noticeable cluster of bullish positions around $74,000.

At the same time, some investors are hedging against a potential drop, with downside protection appearing near $59,000.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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