Bitcoin price hits $76,000 as Ethereum and Dogecoin rally amid war-driven volatility

Bitcoin, Ethereum and Dogecoin extended their gains amid ongoing geopolitical tensions linked to the US-Iran war, a backdrop that has continued to drive volatility across global markets. Bitcoin rose to $76,000, its highest level in months, while Dogecoin regained key support levels as leveraged trading activity increased and risk appetite returned. Analysts, however, remain split on whether the move reflects a durable reversal or only a temporary bounce within a broader bearish cycle.

Open interest surges across major coins

Market positioning has strengthened over the past several weeks. Bitcoin’s open interest increased by 59% over the past seven weeks, while Ethereum’s rose 45% over the same period. Dogecoin also recorded a sharp rise in speculative positioning, indicating growing participation from retail and leveraged traders.

War uncertainty may cap upside

Crypto analyst Michaël van de Poppe said the US-Iran conflict remains a key driver of sentiment and could limit how far prices can run. He argued that meaningful rallies are difficult to sustain while war-driven uncertainty persists.

Van de Poppe added that Dogecoin, which tends to be more sensitive to shifts in sentiment, has tracked the broader “risk-on” move. Holding above key support levels during the conflict suggests retail demand has remained resilient despite macro headwinds.

He also pointed to a potential macro catalyst: weakening conditions in the US economy. Van de Poppe suggested the Federal Reserve may be pushed toward monetary easing, a change that has historically supported risk assets, including cryptocurrencies. He noted that Dogecoin in particular often reacts sharply to improving liquidity conditions.

Support for the rally also came after US President Donald Trump signaled that new peace negotiations with Iran could begin within days. The announcement triggered a quick response across crypto markets, with traders pricing in a possible de-escalation and pushing Bitcoin, Ethereum and Dogecoin higher.

Leveraged activity increases liquidation risk

On-chain analytics firm Santiment said the rally coincided with a spike in leveraged activity. The firm warned that rising prices alongside surging open interest can increase the risk of sudden liquidations.

If crowded positions begin to unwind, Bitcoin, Ethereum and Dogecoin could experience sharp, synchronized corrections. Santiment’s view is that elevated leverage tends to magnify both upward and downward moves, leaving the market more exposed to rapid swings.

Diverging views on whether a bottom is in

Not all analysts believe the worst is over. Crypto analyst Colin argued that Bitcoin’s February low of $60,000 is unlikely to represent the true bottom of the current cycle.

Colin noted that Bitcoin peaked in October 2025, meaning the drawdown lasted just four months—shorter than the typical 12-month duration seen in previous cycles. While he acknowledged that market cycles can change, he said a compressed timeline is statistically unlikely.

He also pointed to the magnitude of the decline. Bitcoin is down roughly 53% from its peak, while past bear markets have seen drawdowns of up to 77%. Given that Ethereum and Dogecoin often fall more than Bitcoin, Colin suggested they could face additional downside if historical patterns repeat.