Bitcoin briefly topped $70,000 as Trump extended his Iran deadline and signaled optimism about a deal to reopen the Strait of Hormuz.

Bitcoin surged back above $69,000 over the weekend, briefly touching $70,271 on Coinbase before settling near $69,800, as a shift in geopolitical tone around the Strait of Hormuz standoff lifted sentiment across risk assets. The move triggered $104 million in short liquidations, amplifying the rally.

The strait has been closed to global shipping for over three weeks, disrupting a passage responsible for roughly 20% to 30% of global oil transit. Oil prices have held above $109 throughout the closure, weighing on risk appetite and keeping bitcoin range-bound between $66,000 and $69,000 for much of March.

The weekend shift came after President Trump extended his deadline for Iran to reach a deal and reopen the strait, pushing the timeline to Tuesday. In an interview with Fox News, Trump said Iran is “negotiating now” and that there was a “good chance” of a deal within 24 hours, even as he warned the U.S. would escalate military action if talks failed.

This story is an excerpt from the Unchained Daily newsletter.

Markets read the mixed signals as net positive. Spot bitcoin ETFs have absorbed roughly $2.2 billion in net inflows over the past four weeks, underscoring persistent institutional demand despite the geopolitical volatility. Bitcoin’s ability to hold above $69,000 heading into the Monday trading session will test whether the rally reflects genuine de-escalation optimism or another head-fake in a market that has whipsawed on every Trump statement about Iran.