Bitcoin climbed to $72,505 on Bitstamp, its highest level in 11 weeks, as markets absorbed a sharp escalation in US-Iran tensions. The move followed Thursday’s Wall Street open, with BTC/USD up more than 4% on the day. Stocks opened lower while bond yields reversed some of their recent slide.
What triggered the move
US President Donald Trump threatened Iran with what he called the most crushing economic operation ever taken against any country, describing it as Economic D-Day. He said Iran would face economic warfare and isolation on an unprecedented scale. The comments came amid frustration over the lack of a deal on the Strait of Hormuz oil route.
WTI crude oil rose to $87.69 per barrel, the highest level since July 24. That jump in oil added another layer of inflation pressure, and it showed up quickly in bond markets.
Bond yields rebound
Yields on long-dated US government bonds reversed higher after sliding a day earlier. The 30-year yield fell to around 5.179% before climbing back to 5.266%. That gain of about 9 basis points nearly erased the previous drop. The 10-year yield also turned up, undoing much of its earlier move.
The Treasury had announced plans to at least double the size of its bond-market liquidity interventions starting in September. Some market participants were not sure that would be enough. The Kobeissi Letter said on X it would take a lot more intervention to tame the market, noting that the Treasury will revisit the size of its debt buyback operations on Nov. 4.
Bitcoin rally faces skepticism
Bitcoin has gained nearly $10,000 in four days, but not everyone is convinced this is the start of a bull market. Trader and analyst Rekt Capital said BTC would need to rally far more to challenge the idea that support near $60,000 is weakening. He also pointed to four-year cycle patterns that could allow a new macro price low before the end of 2026.
There are some hopeful signs. Ki Young Ju, CEO of CryptoQuant, noted that demand for Bitcoin has returned on both spot and derivatives markets. That had not happened since October 2025, when BTC set its most recent all-time high of $126,200. He said the scale is still modest, but if it holds for another month, it would be reasonable to conclude the bear market is over and a new bull cycle has begun.
Still too early to call
The big question now is whether Bitcoin can hold these gains. A lack of spot demand had been a key missing catalyst for a sustainable reversal, according to earlier reports. That may be changing, but one strong week does not confirm a trend. Between geopolitical headlines and shifting bond markets, the crypto market is likely to stay volatile for a while.
