Bitcoin climbed above $72,500 on Thursday, reaching an 11-week high as traders monitored rising tensions between the United States and Iran.
The cryptocurrency gained more than 4% during the day, with BTC/USD reaching $72,505 on Bitstamp after briefly retesting the $71,000 level.
The rally came as US stocks moved lower and government bond yields rebounded amid renewed concerns over the US-Iran conflict and potential disruptions around the Strait of Hormuz.
US President Donald Trump threatened Iran with what he described as the “most crushing economic operation ever taken against any country,” referring to the move as “Economic D-Day.”
The comments came amid continued tensions over negotiations involving the Strait of Hormuz, a key route for global oil shipments.
Oil prices also moved higher, with WTI crude reaching $87.69 per barrel, its highest level since July 24.
The renewed geopolitical uncertainty affected broader financial markets, with US equities opening lower and bond yields reversing some of their previous declines.
The US 30-year Treasury yield fell to 5.179% before rebounding to 5.266%, representing an increase of nine basis points.
The 10-year Treasury yield also reversed its previous decline as markets assessed the potential economic impact of escalating tensions and changes in US Treasury market liquidity operations.
Market analysts continued to question whether recent government interventions would be sufficient to stabilize bond markets.
Despite Bitcoin’s latest surge, some analysts remain cautious about declaring a new bull market.
Bitcoin has gained nearly $10,000 in four days, but traders are assessing whether the move can develop into a sustained recovery.
Trader and analyst Rekt Capital said Bitcoin would need to gain significantly more ground to invalidate concerns about weakening macro support. The analyst identified $60,000 as an important support level under the current market structure.
Rekt Capital also noted that historical four-year Bitcoin cycle patterns could allow for another major price low before the end of 2026.
CryptoQuant CEO Ki Young Ju pointed to improving Bitcoin demand in both spot and derivatives markets.
He said the return of positive demand represents a development not seen since October 2025, when Bitcoin reached its most recent all-time high of approximately $126,200.
However, he cautioned that the current scale of demand remains modest. If the trend continues for another month, he said it could provide stronger evidence that the bear market has ended and a new bull cycle has started.
For now, Bitcoin’s move above $72,500 marks a significant short-term recovery, but traders remain focused on whether demand can strengthen enough to support a sustained upward trend.
