Bitcoin's price surged to $71,000 during Monday's European trading session after President Trump announced a five-day postponement of planned U.S. military strikes on Iran. This decision led to a significant market reaction, with Bitcoin gaining 5% and $270 million in short positions being liquidated within an hour. The cryptocurrency's price reached an intraday high of $71,500, recovering losses from the previous three days. The announcement also impacted other markets, with oil prices dropping sharply. Oil fell 16% to $92 per barrel, marking the steepest single-day decline since late 2025. Meanwhile, gold prices rebounded slightly, and the dollar index slipped to 99.3. Despite the market movements, Iranian officials denied any substantive progress in talks with the U.S., maintaining their demands for a complete halt to U.S. and Israeli actions.