Bitcoin shrugs off Strait of Hormuz blockade to hit $72,629 intraday high

Bitcoin staged a sharp recovery on Monday, April 13, climbing to an intraday high of $72,629 shortly after reclaiming the $72,000 level. The move followed a flash sell-off tied to renewed geopolitical risk after U.S.-Iran ceasefire talks collapsed, alongside a U.S. Navy blockade of the Strait of Hormuz.

Failed ceasefire talks spark flash volatility

Bitcoin’s rally reversed earlier weakness in the session, when the cryptocurrency slipped to $70,526, the first time it had touched that level since April 9. After entering the weekend higher on hopes for progress in U.S.-Iran talks, the price snapped lower when reports indicated the negotiations had failed, reviving fears of a military confrontation.

By around 1:30 p.m. Monday, bitcoin had rebounded to $72,629. The surge also erased more than $2,000 in value within a single hour, as traders moved away from selling pressure that had been building while bitcoin attempted to test the $74,000 resistance level.

Recovery lifts market value

Despite being suppressed for much of the morning, bitcoin reclaimed the $72,000 mark, representing a 2% gain over a 24-hour period. The move increased bitcoin’s market capitalization from $1.41 trillion to $1.45 trillion, while the broader crypto market’s total valuation rose to $2.53 trillion.

Oil spike and liquidation data

The U.S. Navy began enforcing a blockade of all maritime traffic entering and exiting Iranian ports on Monday, April 13. The announcement acted as a catalyst for energy markets, pushing crude prices toward the $100-per-barrel psychological threshold. The prolonged closure of the strait was also described as worsening structural vulnerabilities in the global supply chain, raising the risk of fuel shortages for energy-dependent industrial economies across Asia.

Bitcoin’s rebound coincided with nearly $59 million in short-position liquidations, compared with $12.5 million in liquidated longs.

Broader market context and potential next steps

Bitcoin’s strength contrasted with Asian and European stocks, which traded marginally lower on April 13. Equity investors were weighed down by concerns that Washington and Tehran may be preparing for a second round of bombing campaigns, while major U.S. indices remained in positive territory with marginal gains.

While the U.S. has so far avoided direct engagement with Iran’s Islamic Revolutionary Guard Corps in the Strait, some observers expect that could occur in the next phase of the conflict. Others warned the blockade could draw a response from China, given that its vessels are likely targets of U.S. restrictions. Iranian officials have warned of dire consequences, with the blockade scheduled to begin at 10 a.m. EDT.