Gate News: In Asian early trading on April 7, Bitcoin pulled back to around $68.5k, with an intraday decline of about 2%. The rebound that briefly topped $70k has been fully swallowed. This current pullback is not driven by changes on-chain or in liquidity conditions, but by a safe-haven sentiment shock stemming from an escalation of the Middle East situation.
As the final deadline for military action set by Trump against Iran draws near, market risk appetite has clearly contracted. Iran has rejected ceasefire conditions and has raised demands such as lifting sanctions, pushing tensions even higher. As a result, international oil prices surged to above $113 per barrel, while gold also strengthened in tandem to a historic high range, drawing inflows into traditional safe-haven assets.
The crypto market, meanwhile, has been trading under pressure. Bitcoin once rebounded to around $69k and then traded sideways, while Ethereum held above $2,100 for consolidation; major assets such as XRP also saw modest pullbacks. The data show that the prior rebound was mainly driven by the liquidation of more than $145 million in shorts. New capital follow-through has been limited, leaving the rally without sustained momentum.
Structurally, Bitcoin has repeatedly failed to break through the $70k level in recent sessions, forming a near-term resistance zone. Once price touches that range, the market shows clear selling pressure and a lack of liquidity, causing the price to repeatedly fall back. This trading pattern has been further reinforced under the current macro backdrop.
In addition, the situation in the Strait of Hormuz has become a key variable. If energy transport is disrupted, it could further raise inflation expectations and weigh on valuations of risk assets. The linkage between the crypto market and global risk assets remains at a high level, so Bitcoin’s near-term performance may continue to be dominated by macro events.
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