Bitcoin slipped below $70,000 at Tuesday’s Wall Street open as macro assets sold off amid escalating Iran war tensions, with BTC/USD posting 1.5% daily losses after giving back some of its earlier sprint to $71,800.

Regime shift in the early stages?

US stocks opened lower on the day, with the Nasdaq Composite losing nearly 1%, while gold failed to clear $4,450 and oil crept back toward $95 per barrel.

Markets stayed on edge over the fate of oil passage through the Strait of Hormuz following new Israeli strikes on Lebanon.

Trading firm QCP Capital noted that Trump was navigating a difficult geopolitical situation with little room to maneuver, writing:

“With equities hovering near key support and inflation pressures lifting rate-hike expectations, he cannot afford to unsettle markets.”

Despite the pressure, QCP said bitcoin showed “surprising resilience,” adding that it:

“Could also signal the very early stages of a regime shift for BTC, where it no longer competes with traditional risk assets in the same way.”

Higher lows offer cautious hope

Crypto trader Michaël van de Poppe pointed to a series of higher lows forming since the February crash as a constructive sign, telling X followers:

“It doesn’t say that we’re out of the woods entirely, as those higher lows trigger a lot of liquidity if the markets get there. However, overall, as long as we hold these levels, I think that we’re able to reach $77-80K.”

200-week EMA remains unreliable

Analyst Rekt Capital flagged ongoing uncertainty around the 200-week moving average sitting near $68,300, noting it has failed to act as either clear support or resistance.

He warned this could lead to further “meandering” before an eventual break toward additional macro downside.

Other traders flagged a “Bart Simpson” chart pattern forming on lower time frames, keeping sentiment divided between bulls and bears.