Bitcoin hit $74,901 on Monday, its highest since before the Iran war started in late February. The trigger was Trump telling reporters at the White House that Iran wants to make a deal “very badly” and that the U.S. team was “called by the other side.” That was enough. Within hours, BTC ripped from a weekend low near $70,700 straight through the $73,000 ceiling that had capped every rally since mid-March. The move came despite the Hormuz blockade going live the same morning, which initially looked like pure escalation.
But the blockade exempts non-Iranian port traffic, and the diplomatic signals read as de-escalation. Markets chose to price in the talks, not the warships. Over $430 million in short positions got liquidated in 24 hours. If those peace talks actually materialize, the next resistance is $79,000 with thin supply above it.