Crypto market recap: Bitcoin holds near $68,600 ahead of Iran deadline

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Bitcoin holds near $68,600

Highlights

BTC is holding near $68.6K and ETH near $2.1K: the market is down, but still trading within its familiar range of sharp headline-driven swings.
The Fear and Greed Index at 11 signals extreme caution and worsening sentiment compared with the previous day.
The main driver for crypto right now is not just internal demand, but geopolitics: the Iran deadline, oil prices, and expectations for Fed rates.

The market is back in wait-and-see mode

As of April 7, Bitcoin is trading around $68,626, down 0.7% over the past 24 hours, while Ethereum is hovering near $2,103.9, down 1.1% on the day. Solana is also under pressure at about $79.5, a decline of nearly 3%. In effect, the market has given back much of Monday’s momentum, when reports of a possible 45-day ceasefire briefly pushed BTC back above $69,000 and even sent it past $70,000.

According to CoinDesk, the current pullback looks less like a reversal of the longer-term trend and more like a return to cautious headline-driven trading. That is how the market has behaved in recent weeks: any positive geopolitical signal quickly lifts prices, while tough statements from Washington or Tehran just as quickly erase the move. The Crypto Fear and Greed Index stands at 11, which places it firmly in extreme fear territory. Compared with yesterday’s reading of 13, the indicator has fallen by 2 points, meaning market sentiment has become even more defensive.

Geopolitics is once again setting the pace

The main external driver right now is not within the crypto industry itself, but in politics and commodity markets. Donald Trump set a deadline for Iran until 8:00 p.m. Eastern Time on Tuesday and threatened large-scale strikes on infrastructure if no agreement is reached. At the same time, Axios reported on attempts by mediators to advance a 45-day ceasefire, although Tehran has reportedly not accepted that temporary framework in its current form.

This matters for crypto because digital assets are increasingly reacting to the same macro factors that move equities. Amid threats of further strikes, oil moved higher again: WTI crude rose above $115 a barrel, while Brent holds around $111. At the same time, March data from the U.S. services sector pointed to slower growth and stronger price pressures, complicating the Federal Reserve’s task. In that environment, cutting rates becomes harder.

The range the whole market is now watching

For now, Bitcoin remains stuck in the broad $65,000 to $73,000 range where it has traded through most of the current phase of the conflict. The lower end has held so far, while the upper end still has not been broken.

That makes the next few sessions important not just because of the price levels themselves, but because of the mix of forces behind them: if geopolitical tensions intensify, higher oil prices could reinforce inflation risks and add pressure to crypto assets; if rhetoric softens, the market may get another chance to test the upper end of the range.

We have previously highlighted that Bitcoin rises above $69,000 after reports of talks between the United States and Iran on a possible 45-day ceasefire.

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