Bitcoin is holding near $71,000 even as geopolitical tensions escalate in the Middle East, remaining higher on the week as investors shift their focus toward the upcoming Federal Reserve policy meeting scheduled for March 17–18.
The largest cryptocurrency was trading around $71,000 on Saturday, down roughly 0.7% over the past 24 hours after the U.S. struck military targets on Kharg Island. The island is a key facility for Iran’s crude shipments, making the attack a notable escalation in the ongoing regional conflict.
Bitcoin had climbed to $73,838 on Friday before reversing lower following the news. The pullback of about 3.5% was relatively contained, suggesting markets are becoming more accustomed to geopolitical shocks that might previously have triggered steeper sell-offs.
On a weekly basis, the broader crypto market remains firmly in positive territory. Bitcoin is up around 4.2% over the past seven days. Ether has gained about 5.5% to $2,090, while Dogecoin has advanced roughly 5%. Solana has risen 4.2% to $88, and BNB has added about 4.5% to $655.
Despite the war intensifying rather than easing, most major digital assets remain higher on the week, suggesting markets are gradually adjusting to the geopolitical backdrop.
In the early stages of the conflict, each headline triggered sharp reactions as traders struggled to evaluate the potential risks. More recently, however, a pattern has emerged: military developments push oil prices higher, bitcoin dips briefly, and then prices recover.
While traders appear less reactive to breaking news, the $73,000–$74,000 range continues to act as a strong resistance zone. Bitcoin has tested and failed to break through that level four times in the past two weeks.
Comments from Donald Trump introduced additional uncertainty late Friday. Writing on Truth Social, Trump said U.S. forces had avoided targeting oil infrastructure “for reasons of decency,” but warned that the decision could change if Iran continued blocking traffic through the Strait of Hormuz.
Iran responded by warning that any attacks on its energy infrastructure would prompt retaliatory strikes on facilities linked to the United States in the region. Such a development could significantly worsen supply disruptions that the International Energy Agency has already described as the largest in history.
Derivatives markets reflected the volatility of Friday’s trading session. Roughly $371 million worth of crypto positions were liquidated in the past 24 hours. Short liquidations accounted for about $207 million, exceeding the $163 million in long liquidations. That suggests bearish traders were squeezed during the rally toward $73,800 before the Kharg-related pullback forced recently opened long positions to close.
Investor attention now turns to the Federal Reserve’s upcoming policy meeting.
With crude oil trading above $100, a major global energy supply disruption underway, and a conflict entering its third week without a clear resolution, concerns about stagflation are increasingly entering market discussions.
According to the CME Group’s FedWatch tool, markets currently assign a greater than 95% probability that the Fed will keep interest rates unchanged within the 3.5%–3.75% range.
However, investors are likely to focus more on the central bank’s updated projections and comments from Fed Chair Jerome Powell. Any signal that policymakers may consider further rate hikes could weigh on risk assets, including cryptocurrencies, which have spent months anticipating rate cuts that have yet to arrive.
