Bitcoin climbed back toward $69,000 during Monday's U.S. session, recovering from sharp overnight losses that had briefly dragged it close to $65,000. The rebound put crypto prices back in focus after a volatile start to the day across global markets.
By midday, bitcoin was up 2.5% over the past 24 hours and trading just below $69,000. Ether also moved higher, reclaiming the $2,000 level with a 4% gain over the same period. The recovery in major tokens came while traditional markets were still reacting to large swings in energy prices.
Oil Pullback Eases Pressure on Stocks
Crypto's advance tracked a broader stabilization in risk assets. The Nasdaq, which had been down about 2% earlier in the session, reversed those losses and moved back to flat. At the same time, WTI crude gave back much of its overnight spike.
Oil had surged as much as 30% to $120 per barrel overnight before falling back to around $95, leaving it up roughly 5% on the session. The earlier jump followed a weekend that showed no sign of an immediate end to the war in Iran. As oil retreated from the highs, pressure on equities and other volatile assets also eased.
Crypto-Linked Stocks Split, With Circle Leading
Shares tied to the crypto sector mostly traded higher. Circle (CRCL) posted the largest gain, rising 8%, after global insurance company Aon said it paid an insurance premium in stablecoins for the first time, including Circle's USDC.
Strategy (MSTR) added 3% after disclosing a $1.28 billion bitcoin purchase last week. Coinbase (COIN), however, lagged the group and was modestly lower on the day.
Analysts Watch the $70,000 Level
David Morrison, senior market analyst at Trade Nation, said bitcoin had shown surprising resilience despite extreme volatility in traditional assets. In his view, bulls would be encouraged if bitcoin can quickly reclaim $70,000 and hold that level on any later pullback.
He also said digital assets appear to be drawing defensive capital from investors looking for alternatives to oil-sensitive assets, with traditional financial markets under pressure and Middle East disruptions threatening supply chains.
On the stock market side, Lumida Wealth CEO Ram Ahluwalia said he expects a local bottom to form at some point during the day, followed by a rally this week. He added that such a move could be tactical and short term, while weakness remains in place and the S&P 500 may struggle to retake record highs soon.