Key Highlights
- BTC surged past $69,000 for the first time in more than ten days amid escalating Middle East tensions involving Iran
- Spot Bitcoin ETFs in the United States recorded $471 million in net inflows on April 6, marking the strongest single-day performance since February
- IBIT from BlackRock and FBTC from Fidelity dominated inflows, collectively attracting approximately $329 million
- Technical analysis reveals an ascending triangle formation suggesting a possible advance to $77,000
- The percentage of Bitcoin supply in profit rebounded to 59% following a decline to 52% in February
Bitcoin surged beyond $69,000 during Monday’s trading session, registering a 3% increase over the previous 24 hours, driven by heightened geopolitical concerns surrounding the Strait of Hormuz and renewed institutional appetite through exchange-traded funds.
On Sunday, President Donald Trump delivered a stern warning to Iranian leadership, declaring the nation would face severe consequences if the strategic waterway remained closed beyond Tuesday evening at 8:00 pm ET. Tehran countered by stating the strait would remain blockaded until Iran secures full compensation for war damages.
CNBC characterized Trump’s approach as oscillating between diplomatic engagement and military threats. While traditional equity markets showed minimal movement on Monday, Bitcoin demonstrated significant upward momentum.
Futures traders saw more than $265 million in short positions liquidated during the price advance. Twenty-four-hour trading activity approximately doubled, with market participants setting sights on breaching the $70,000 psychological barrier.
The Crypto Fear and Greed Index climbed from 25 to 38, moving closer to neutral sentiment for the first time in several weeks. This transition indicates that panic-driven selling related to geopolitical risks may be subsiding.
ETF Investment Activity Reaches Monthly Peak
April 6 witnessed US spot Bitcoin exchange-traded funds capturing $471 million in net positive flows, representing the most substantial daily influx since the closing days of February, based on data from Farside Investors. BlackRock’s IBIT vehicle secured roughly $182 million, while Fidelity’s FBTC product garnered around $147 million.
Current holdings across all US spot Bitcoin ETFs total approximately $90 billion in assets under management. IBIT maintains market dominance with $54.5 billion, representing nearly 60% of the entire sector. Aggregate net inflows since inception have climbed to an estimated $56 billion.
The opening quarter of 2026 displayed considerable volatility. January and February combined for roughly $1.8 billion in withdrawals as Federal Reserve policy uncertainty weighed on sentiment. March witnessed a reversal with $1.3 billion returning as market conditions stabilized.
Market observers warn these positive flows could evaporate rapidly should upcoming inflation metrics exceed expectations. Investors are closely monitoring Friday’s March Consumer Price Index release alongside Thursday’s February core Personal Consumption Expenditures data.
Technical Analysis Suggests $77K Price Objective
Bitcoin’s daily price chart displays an ascending triangle configuration developing across recent weeks, characterized by progressively higher lows. This technical formation typically indicates accumulating buying interest.
The Relative Strength Index has climbed back above the neutral 50 level, indicating strengthening bullish momentum. Technical analysts are monitoring for RSI movement above 60 as definitive confirmation of a buy signal.
Bitcoin’s profitable supply percentage recovered to 59% after temporarily declining to 52% during late February. Historical precedent suggests that drops below the 50% threshold have historically presented attractive entry points across previous market cycles.
As of publication, Bitcoin was changing hands at $68,714, per CoinGecko data.
