Bitcoin pushed to a multimonth high after the Wall Street open on Thursday, even as stocks slipped and bond yields climbed on fresh US-Iran tensions. Data from TradingView showed BTC/USD retesting $71,000 before reaching $72,505 on Bitstamp, an 11-week high and a gain of more than 4% on the day.
The move came after US President Donald Trump threatened Iran with what he described as the most crushing economic operation ever taken against any country and called it Economic D-Day. In a post on Truth Social, he said it would be economic warfare and isolation on an unprecedented scale, with frustration mounting over the lack of a deal on the Strait of Hormuz oil route. WTI crude rose to $87.69 per barrel, its highest since July 24.
Bond yields also turned higher. The 30-year Treasury yield traded as low as 5.179% before rebounding to 5.266%, a 9 basis point swing that nearly erased the previous day’s drop. The 10-year yield reversed its earlier slide as well. This happened one day after the Treasury said it would at least double the size of its bond-market liquidity interventions starting in September. The Kobeissi Letter, a markets commentary account, doubted the move would be enough, saying it would take a lot more intervention to calm the bond market.
Analysts not ready to call a bull market
Bitcoin gained nearly $10,000 in four days, but that speed has left many traders cautious. Analyst Rekt Capital argued that BTC/USD would need to rally much more to invalidate the idea of weakening support. In his view, technicals currently point to $60,000 as a macro support level that could weaken. He also noted that four-year cycle patterns leave room for a new macro low until the end of 2026.
That may sound grim, but there are also signs of demand returning. Ki Young Ju, CEO of CryptoQuant, pointed to positive Bitcoin demand on both spot and derivatives markets. He said that kind of demand had not been seen since October 2025, when BTC/USD hit its all-time high of $126,200. He added that the scale is still modest, but if it lasts another month, it would be reasonable to say the bear market is over and a new bull cycle has started.
What to watch now
The key question is whether this rally can hold. Earlier coverage noted that a lack of spot demand was a missing catalyst for a lasting crypto recovery. Now that demand may be returning, but the macro picture is messy. Oil prices are rising, bond yields are swinging, and geopolitical risk is back in focus. Bitcoin has responded so far, but there is no clear confirmation that the trend has turned. The next few weeks should give a better picture, especially with the Treasury set to revisit its debt buyback plans on Nov. 4.
