Bitcoin surged to $74,600 at Monday’s Wall Street open, marking new six-week highs amid rising US equities and declining oil and gold prices. Geopolitical relief over the Strait of Hormuz eased tensions, allowing Iranian tankers passage and pushing WTI crude below $100 per barrel.

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Despite the rally, market sentiment remains risk-off. QCP Capital noted that crypto’s recent strength may reflect a resurgent 'digital safe haven' narrative, yet warned that long-term downtrend patterns persist.

Traders remain skeptical. CryptoJelleNL stated the bounce is temporary: "It changes nothing." He emphasized historical bear market duration, arguing the current cycle is not halfway through.

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Daan Crypto Trades highlighted a key CME futures gap near $71,500-a potential reversal zone if price retests the level.

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