Investors return to crypto; Bitcoin eyes $76k, Ethereum steady above $2,100

Cryptocurrency markets saw a near-term boost after initial optimism over easing Middle East tensions, after US President Donald Trump announced a temporary five-day pause on military strikes against Iran following “productive” talks. The development triggered a broad risk-on reaction across global markets. The move pushed total crypto market capitalisation higher by nearly $60 billion within hours, while a sharp short squeeze liquidated over $269 million in bearish positions in a compressed timeframe.  At the same time, flagship digital asset Bitcoin has continued to show relative strength, outperforming gold and the S&P 500 since the start of the US–Iran conflict, gaining roughly 7 per cent while traditional assets remained subdued. 

 

On the regulatory front, the US Securities and Exchange Commission’s submission of a proposed crypto framework to the White House marks a potentially significant step toward clarifying how digital assets are classified under federal law. This, according Riya Sehgal, research analyst, Delta Exchange, could help reduce long-standing uncertainty in the sector.

Bitcoin eyes $76,000

Amid this backdrop, Bitcoin was trading 2.68 per cent higher at $70,370, with a 24-hour trading volume of $49.49 billion. The asset has fluctuated in the range of $67,508–$71,782 over the past 24 hours, according to CoinMarketCap data. 

“Bitcoin is holding above $70,000 despite heightened volatility driven by US–Iran developments, signalling underlying strength in the market. The recent price spike on optimism around potential talks highlights how quickly sentiment can shift to the upside, with buyers stepping in aggressively on positive triggers,” said Avinash Shekhar, Co-founder & CEO, Pi42. 

Even as broader risk-off conditions have led to short-term pullbacks, Bitcoin, he said, has continued to defend key support levels, indicating that selling pressure is being effectively absorbed. “This resilience suggests that the current phase is more of a healthy consolidation rather than a sign of weakness,” Shekhar added. 

From a technical standpoint, as long as Bitcoin sustains above the $70,000 zone, the structure points toward a potential breakout, with a move towards $76,000 likely in the coming days or over the next week. “Importantly, ongoing accumulation by large players is providing a strong demand base, helping stabilise prices during dips and reinforcing confidence in the broader trend,” he said. 

Sehgal, however, noted that Bitcoin continues to face strong resistance around $71,500–$72,000, suggesting the current move may still be corrective. “Despite the sharp rebound, derivatives positioning reflects continued caution, indicating that a sustained uptrend will likely require stronger confirmation from both macro stability and clearer regulatory direction,” she said.

Ethereum, altcoins gain

The positive sentiment extended to altcoins as well. Ethereum, the second-largest cryptocurrency by market capitalisation, was trading 3.09 per cent higher at $2,130. It has oscillated in the range of $2,023–$2,195 over the past 24 hours. The asset remains nearly 57 per cent below its all-time high of $4,953 scaled in August 2025. 

Commenting on the outlook, Sehgal said, “Ethereum remains comparatively weaker, struggling below the $2,250–$2,300 supply zone, with downside risks increasing if the $2,100 level fails to hold.” 

Among other major altcoins, XRP, USD Coin, Solana, TRON, Dogecoin, Bitcoin Cash, Cardano, UNUS SED LEO and Chainlink were trading higher by up to 4 per cent. 

On the other hand, Hyperliquid, BNB and Monero were trading lower by up to 3 per cent.