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Crypto prices jump on hopes of resolution in Iran conflict
On the daily timeframe, BTC is trading inside a well-defined descending channel, with both the 100-day moving average; analysts see immediate support sitting at the $60k-$62k band
- PUBLISHED: Mon 23 Mar 2026, 10:06 PM
Crypto prices surged on Monday after US President Donald Trump said the nation would postpone attacks on Iran’s power plants for five days, easing concerns the conflict would escalate.
Bitcoin, which sank below $68,000 overnight, climbed above $71,000 in early U.S. hours before retreating closer to $70,000 after the Iranians said no talks were on with the US, CoinDesk data showed. Ether, solana (SOL and Chainlink all rose as much as 5 per cent over 24 hours before giving back part of the gains, according to CoinDesk data.
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On the daily timeframe, BTC is trading inside a well-defined descending channel, with both the 100-day moving average (~$80k) and 200-day moving average (~$92k) sloping downward overhead, experts say. “The $75k-$80k zone has flipped to resistance after acting as support for much of late 2025, and every recovery attempt since February has been rejected in that area,” an analyst at CryptoPotato wrote.
Analysts see immediate support sitting at the $60k-$62k band, which held during the sharp February wick. “A breakdown below that level would bring the $50k zone into play, which is a scenario the RSI, now recovering from oversold territory near 20, is not yet pricing in. On the other hand, the buyers need a decisive close above $75K to start changing the daily structure, and pave the way for further upside above $80k,” an analyst said.
Meanwhile, higher-risk assets such as memecoins—including $TRUMP, $PEPE, and $PENGU—were among the hardest hit during the recent market downturn, with declines of up to 20%, highlighting their elevated sensitivity to broader market movements.
Bitcoin shuffling around the $70,000 range is an after effect of a mixed global market-specific factors, according to Ignacio Aguirre Franco, CMO at Bitget. “Escalating geopolitical tensions and the possibility of prolonged conflict have pushed investors toward less volatile assets, initiating a classic risk-off move. As per the latest data from CoinMarketCap, overall crypto ETFs recorded outflows of $98.80 million on March 20. ETF inflows, one of the key drivers of the recent uptrend have slowed, reducing fresh demand in the market.
As for the outlook, the larger picture remains positive as institutional interest is still intact and Bitcoin’s core fundamentals remain strong.
“The recent correction looks like a temporary pull-back situation and not a long-term reversal. If macro conditions stabilise and ETF flows pick up again, Bitcoin could regain upward momentum. However, in the near term, expect continued volatility as markets react to global developments and liquidity conditions,” Franco said.
Simon Peters, Crypto Analyst at eToro, commented: “While macroeconomic pressures have driven short-term volatility in crypto markets, the evolving regulatory landscape in the US represents a significant step forward. Greater clarity around asset classification and market structure could pave the way for increased institutional participation and long-term growth in the sector.”
Associate Editor Somshankar Bandyopadhyay brings more than three decades of experience to the KT newsroom. Currently, he manages the news production of the business section, ensuring that the top economic and business news of the day reaches its readers.