Yesterday, Bitcoin's price broke through $70,000 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 Iranian energy facilities, temporarily cooling down the geopolitical risks that the market was worried about. Previously, everyone was afraid to enter the market easily due to concerns about tense situations, rising oil prices, and market volatility; now that risks have eased, funds are flowing back into risk assets.

Besides Bitcoin, mainstream altcoins like Ethereum, Solana, and Dogecoin also generally rose, with gains around 5%. At the same time, cryptocurrency mining-related stocks 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 noticeably improved.

Looking ahead at Bitcoin's direction, two key factors matter: first, whether oil prices in the Strait of Hormuz remain stable, and second, whether shipping can maintain normal operations.

If the situation continues to stay calm and oil prices decline, Bitcoin could potentially test the $74,000 to $76,000 range again; if the situation becomes tense once more and oil prices rise, Bitcoin could also pull back to the mid-$60,000 range.

Simply put, this rally was driven by improved risk sentiment. What happens next mainly depends on the Middle East situation and oil price changes!

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