Gate News message, March 31, 2026, the Bitcoin price has remained trading near $67,500, oscillating with relatively steady performance amid uncertainty in the situation in the Middle East. Earlier, Bitcoin briefly fell below $65,200, hitting a new low since the conflict erupted at the end of February, but then rebounded quickly, indicating that downside buying support is still in place. Ethereum remains above $2,000, while Dogecoin, XRP, and Solana have seen pullbacks to varying degrees.
Market focus is centered on signals suggesting that Trump may be looking to end the Iran conflict. The Wall Street Journal reported that Trump has assessed the difficulty of opening up the Strait of Hormuz, and even if this key shipping lane remains closed, he is inclined to end military operations. This statement boosted risk-asset sentiment, with S&P 500 index futures up 0.8%. However, crude oil prices remain elevated; WTI crude is trading around $103, reflecting that supply risks have not been fully alleviated.
Global market volatility has intensified, putting traditional assets under pressure. The S&P 500 index has continued to decline, the MSCI Asia Pacific index is approaching its worst one-month performance since the financial crisis, while the U.S. dollar weakens and U.S. Treasury yields rise. Against this backdrop, the crypto market has shown a degree of resilience: total market capitalization has stayed in the $2.32 trillion range, which is clearly better than the Nasdaq 100 index, which has fallen by about 5% over the same period.
Analyst Alex Kuptsikevich noted that although Bitcoin is still below key moving averages, it has found support at lower levels and is showing signs of range-bound consolidation, while the stock market continues to weaken. JPMorgan also believes that Bitcoin has outperformed gold and silver during this geopolitical conflict, indicating that its ability to withstand shocks is improving.
Looking ahead to April, the market will focus on whether the war truly ends and its impact on liquidity and inflation expectations. Even if the conflict cools, the closure of the Strait of Hormuz may still push up energy prices, thereby affecting the interest-rate path. Bitcoin’s short-term trajectory will depend on changes in the macro environment and whether capital continues to flow in. (CoinDesk)
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