Bitcoin and major altcoins held their ground in Asian trading Tuesday as a new geopolitical deadline from U.S. President Donald Trump injected fresh volatility into risk markets.
Price snapshot (24-hr moves): Bitcoin dipped 0.6% to $68,589 after peaking at $69,350 on Monday; Ether slipped 1% to $2,104; Solana’s SOL fell 2.7% to $79.75; XRP dropped 1.6% to $1.32; Dogecoin slid 2.2% to $0.09; BNB was relatively flat around $598.
Monday’s brief rally followed an Axios report of a possible 45-day ceasefire between Iran and its adversaries. That optimism was short-lived: Trump set a Tuesday night deadline for Iran to accept a deal and warned of severe military action if no agreement is reached, saying he could destroy “every bridge in Iran by 12 o’clock tomorrow night.” The ceasefire momentum reversed after reports that Iran rejected the proposal via mediator Pakistan, demanding a permanent end to war, sanctions relief, reconstruction aid and guaranteed shipping through the Strait of Hormuz.
The market reaction fits a familiar pattern from the past six weeks — headlines spark quick rallies that unwind once doubts resurface. “This move looks less like a shift in fundamentals and more like positioning getting caught offsides,” said Diana Pires, chief business officer at sFOX. She noted strong bearish sentiment and built-up short interest going into the weekend, which had to be unwound once ceasefire headlines hit. Monday’s bounce triggered roughly $196.7 million in short liquidations.
Macro and commodities also reacted. U.S. crude topped $112 and Brent traded near $115.66, up 2.9% on the session, as oil markets priced in heightened Middle East risk. Trump also warned the military could disable Iranian power plants if no deal materializes. Despite the whipsaw, equities eked out gains: the S&P 500 posted its longest winning streak since January.
Economic data added to the uncertainty. U.S. services activity slowed in March, employment contracted at the steepest pace since 2023, and input costs accelerated — a mixed signal that leaves the Fed with little clarity on whether to cut or hold policy. Key inflation readings due this week will be watched closely for guidance.
Technically, Bitcoin continues to trade inside a narrow corridor between roughly $65,000 and $73,000 established since the conflict began — every rally has stalled near the top, and every pullback has found support near the bottom. With Trump’s deadline due at midnight Tuesday, traders will be watching which end of that range gets tested next.
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