Middle East tensions ease, Bitcoin rises above $72,000

ChainCatcher report: As geopolitical panic eased over the weekend, Bitcoin rebounded from a low of approximately $70,500 to $72,100. The earlier decline, triggered by the failure of U.S.-Iran negotiations and rising tensions in the Strait of Hormuz, has seen a short-term recovery. Reports that Iran is considering abandoning highly enriched uranium as a concession to end the conflict have boosted risk assets; meanwhile, U.S. equities also recovered from early-session losses, with the Nasdaq turning positive by 0.3%. However, the U.S. blockade targeting the Strait of Hormuz has officially taken effect, leaving regional security risks uncertain. Cryptocurrency-related stocks rose in tandem, with Circle up over 8%, and Coinbase and Strategy also posting gains. Analysts note that Bitcoin has been trading sideways for approximately 67 days since its early February low of $60,000, closely resembling the consolidation period preceding its previous decline; some short sellers anticipate the market may again test the key support level around $60,000.