Bitcoin demonstrated resilience by rebounding to around $70,000 after briefly dipping below $63,000 amid geopolitical tensions related to the conflict in Iran, according to QCP Capital. Despite the volatility in the option market retreating to the mid-50s, risk reversals remain negative, indicating ongoing demand for downside protection. The macroeconomic landscape is marked by rising U.S. Treasury yields and delayed expectations for rate cuts, contributing to a stagflationary environment. Meanwhile, Brent crude oil prices surged to $120 before retreating, as the International Energy Agency plans to release 300–400 million barrels from strategic reserves. Bitcoin is currently acting more like a macro-sensitive liquidity asset rather than a high-beta risk asset, with market participants closely monitoring U.S. CPI data for potential impacts on rate cut expectations.