Bitcoin pushed above $72,500 on Thursday, reaching its highest level in 11 weeks as renewed tensions between the United States and Iran unsettled traditional markets. BTC rose more than 4% on the day, touching $72,505 on Bitstamp after briefly retesting the $71,000 level.
The move came as US stocks opened lower and Treasury yields turned higher following President Donald Trump’s threat of a major economic campaign against Iran. Trump described the planned pressure as “Economic D-Day,” while uncertainty surrounding the Strait of Hormuz also pushed WTI crude oil to $87.69 per barrel.
Despite Bitcoin gaining nearly $10,000 in four days, market analysts remain cautious about whether the rebound is strong enough to signal the start of a sustained bull market.
Key Takeaways
- Bitcoin reached an 11-week high of $72,505, extending a four-day rally of nearly $10,000.
- Trump’s threat of “economic warfare” against Iran added pressure to stocks while oil prices and Treasury yields moved higher.
- WTI crude climbed to $87.69 per barrel as markets assessed risks surrounding the Strait of Hormuz.
- Analysts remain cautious about declaring a new Bitcoin bull market despite improving spot and derivatives demand.
- Sustained buying over the coming weeks could provide stronger evidence that Bitcoin’s broader market trend is changing.
Us-Iran Tensions Put Oil and Bond Markets on Edge
The latest Bitcoin rally came during another volatile session across global markets. Trump threatened Iran with what he called the “most crushing economic operation ever taken against any country” amid continued tensions involving the Strait of Hormuz, a critical route for global oil shipments.
Trump said in a Truth Social post:
“This will be economic warfare and isolation on an unprecedented scale.”
Oil prices moved higher as markets assessed the geopolitical risks. WTI crude reached $87.69 per barrel, its highest level since July 24.
US Treasury yields were also volatile. The 30-year yield initially dropped to 5.179% before reversing to 5.266%, a move of about nine basis points. The 10-year Treasury yield also reversed its previous decline.
The rebound followed sharp declines a day earlier after the US Treasury announced plans to at least double the size of its debt buyback operations from September. The Treasury said it would review the size of those operations again on Nov. 4.
The Kobeissi Letter questioned whether the intervention would be sufficient to calm conditions in the bond market.
“It’s going to take a lot more intervention to tame this beast.”
Bitcoin, meanwhile, continued higher even as US equities opened lower, putting more attention on whether the cryptocurrency can maintain its recent momentum.
Bitcoin Rally Faces a Demand Test
Bitcoin has now gained nearly $10,000 over four days, but analysts are watching whether stronger spot demand can sustain the recovery.
Trader and analyst Rekt Capital argued that the recent gains are not yet enough to invalidate concerns about Bitcoin’s broader market structure. He identified $60,000 as a key macro support area.
“Bitcoin will need to rally a lot more than what it has produced thus far if price is to invalidate the ‘weakening support’ idea. At the moment, technicals are pointing to $60k as a weakening macro support.”
Rekt Capital also noted that Bitcoin’s historical four-year cycle patterns could still leave room for another macro low before the end of 2026. The caution comes despite signs of improving demand.
CryptoQuant CEO Ki Young Ju said positive Bitcoin demand has returned across both spot and derivatives markets. According to Ju, similar conditions were last seen in October 2025, when Bitcoin reached its latest all-time high of about $126,200. However, he cautioned that the current demand remains relatively modest and needs to persist before confirming a broader market reversal.
“The scale remains modest, but if this holds for another month, it would be reasonable to conclude that the bear market is over and a new bull cycle has begun.”
The return of spot demand is particularly significant because weak buying in the spot market had previously been identified as one of the missing ingredients for a sustainable Bitcoin recovery.
Conclusion
Bitcoin’s push above $72,500 marks its strongest level in 11 weeks, but analysts are not yet treating the rebound as confirmation of a new bull market.
The next test is whether improving spot and derivatives demand can persist as markets contend with US-Iran tensions, volatile Treasury yields and higher oil prices. If demand remains positive in the coming weeks, the case for a broader Bitcoin recovery could become considerably stronger.
