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Key Insights:

• Bitcoin price jumped to $71K after Trump delayed Iran strikes, as the market braces for a positive outlook.
• $270M in BTC shorts liquidated, boosting the broader market rally.
• Oil fell sharply below $100 on easing tensions.

As per the latest Bitcoin price prediction, the market reacted quickly to a major geopolitical update by U.S. President Donald Trump.

BTC price pushed back past $71,000 following a statement by the U.S. president that the U.S. was taking a hiatus from its planned strike on Iran.

This update came at a tense moment, and led to a nearly instant market reaction. Nonetheless, there are still more reasons why the price of Bitcoin is rising.

Bitcoin Price 5% Rebound Amid Trump Update

Bitcoin price moved higher during Monday’s European trading session, pushing back toward the $71,000 level.

The rebound came after US President Donald Trump signaled that planned attacks on Iran’s power infrastructure would be delayed.

That update helped calm market nerves and gave crypto traders a reason to step back in with an optimistic Bitcoin price prediction

Soon after, market observers weighed in on the sharp response of BTC price. Coinbureau CEO Nic Puckrin described the move as a sudden surge driven by the news, referring to it as the TACO pump.

His remark reflected how quickly sentiment shifted once tensions appeared to cool. At the same time, Bitcoin’s sharp move triggered a wave of liquidations in the market.

Within just one hour, about $270 million in short positions were wiped out, with Bitcoin alone accounting for roughly $120 million of that total. The sudden price jump caught many bearish traders off guard.

A Closer Look

Across the overall market, total liquidations across crypto reached roughly $781 million in the past 24 hours. This has also fueled speculations, despite the recent recovery in Bitcoin (BTC) price.

The spike is a clear indication of how quickly sentiment can shift following positive geopolitical signals. As a result, short traders quickly closed position to chase a bullish outlook.

At the same time, Gold recovered most of its earlier losses and traded near $4,440 per ounce. On the other hand, the USD recorded a slight downtick as the dollar index slipped to approximately 99.3.

In contrast, oil prices saw a sharp drop as prices slide by 16% to $92. This drop came just after the price of the commodity hit a daily high of $110. At the same time, the cost of WTI crude fell much lower to $85 to mark the largest single-day decline since Q4 of 2025.

However, Iranian officials pushed back on Trump’s claims soon after and said the talks had not led to any meaningful progress. The officials from the Middle East country also rejected the idea that the two nations had reached any real concessions.

They also made their stance clear going forward. They insisted that any wider resolution would require a full halt to actions by both the United States and Israel. Until then, they signaled that there would be no major breakthrough.

Bitcoin (BTC) Price Revisits $70K to Close CME Gap

Bitcoin kicked off the week with a noticeable gap on the CME futures chart around $70,000. As trading picked up momentum, the BTC price moved higher and quickly closed that gap.

That move took one short-term target off the table, so naturally, traders have started looking ahead to the next one, which sits closer to $80,000.

At the same time, there has been a lot of activity building just below $72,000, hence the bullish Bitcoin price predictions across crypto Twitter.

The data shows BTC price isn’t rushing through that zone. Instead, it’s slowly working its way through the sell orders sitting there. That kind of steady move usually means buyers are still in control.

If the price breaks above $72,000 and holds, the next stop could come quickly. In that case, Bitcoin price may push toward $75,000, where a much larger group of orders is waiting.

On the downside, the $64,000 to $65,000 range is starting to draw attention. Analyst Daan Crypto Trades noted that this area could become important if the market weakens. It stands out as a level where buyers may step in.

At the same time, he pointed to rising fear across the market following the recent sell-off over the past few days. As such, the price action has been down causing nervousness among traders and hence why the overal mood still feels shaky.

Nonetheless, it might not take much long for the market to react to Trump’s latest update.

Source: https://www.thecoinrepublic.com/2026/03/23/top-reasons-why-bitcoin-price-is-rising-today-whats-next-for-btc/

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