Bitcoin Surpasses $70,000 Amid Shifting Middle East Sentiment

Bitcoin’s price has risen above $70,000 for the first time in four days, fueled by a change in investor sentiment linked to potential de-escalation in the Middle East. As of 8:54 a.m. Local time on March 10, 2026, Bitcoin was trading at $70,573, a 3.12% increase from the previous day, according to Yonhap Infomax Crypto Comprehensive data.

Trump’s Comments and Risk Appetite

The rally coincides with comments made by U.S. President Donald Trump suggesting a possible end to the conflict with Iran. In a CBS News interview, President Trump indicated that “the war is almost complete,” sparking a renewed appetite for riskier assets. This shift in sentiment also contributed to a rise in the price of Ethereum, the second-largest cryptocurrency by market capitalization, which increased by 2.93%.

Dollar Weakness and Safe Haven Status

Analysts suggest that continued weakness in the dollar index could further propel Bitcoin’s price upward. CoinDesk reported that Bitcoin has outperformed both stocks and precious metals since the beginning of the conflict, signaling a potential rebuilding of its reputation as a safe haven asset. This is a notable development, as cryptocurrencies have historically been viewed as volatile investments.

Market Context and Potential Resistance

Despite the recent gains, market experts caution that Bitcoin faces resistance at the $75,000 level. A recent “short squeeze,” driven by the liquidation of leveraged positions, contributed to the earlier 5% surge on March 2nd, but sustained spot demand is needed to maintain momentum. According to Risk Dimensions CIO Mark Connors, the recent rebound is not necessarily a signal of an imminent rise to $100,000.

Liquidation Risks and Open Interest

Data from CoinGlass indicates that approximately $218 million worth of long positions are at risk of liquidation if Bitcoin falls back to the $64,650-$65,250 range. Open interest has increased by 6% alongside the price increase, suggesting that leveraged futures trading, rather than actual spot buying, is driving the rally. This indicates a degree of fragility in the current price movement.

Broader Market Trends

On March 5, 2026, the Dow Jones Industrial Average fell by 1.61%, the S&P 500 by 0.56%, and the Nasdaq Composite by 0.26%. The U.S. 10-year Treasury yield rose to 4.1460%, and the dollar strengthened against the yen and euro. WTI crude oil surged $6.35 (8.51%) to $81.01 per barrel, reflecting concerns about potential disruptions to supply in the Middle East. On March 6, Bitcoin fell to around $71,000, driven by profit-taking as expectations for a quick resolution to Middle East uncertainty waned.

Key Takeaways

• Bitcoin surpassed $70,000 on March 10, 2026, driven by shifting sentiment regarding the Middle East conflict.
• Comments from President Trump suggesting a potential end to the conflict spurred a renewed appetite for risk assets.
• Bitcoin is showing signs of being viewed as a safe haven asset, outperforming stocks and precious metals.
• Market analysts caution that the rally may be fragile and dependent on sustained spot demand.

Sources: Infomaxai.com, Fnnews.com, Infomaxai.com