Bitcoin and other cryptocurrencies were trading modestly down early Thursday, as investors watched to see if a fragile truce between the U.S. and Iran holds.

Bitcoin was down 0.8% at $71,073. The largest crypto surged on the announcement of a cease-fire on Wednesday but has given up some of its gains after Iran threatened to keep the Strait of Hormuz closed in response to Israeli strikes on Lebanon.

"We believe a retest of the $69,000 — $70,000 level is due before a move higher can commence. If the cease-fire does not hold, we will likely slide to $66,000 if hostilities continue," said Matt Mena, a strategist at 21shares.

Cryptocurrencies have generally traded as high-volatility risk assets in recent months and have dropped on any signs that fighting in the Middle East will drag on.

A particular concern is that sustained higher energy prices will lead central banks to delay interest-rate cuts or even increase rates. Higher interest rates reduce the attraction of nonyielding assets like cryptocurrency.

Among other cryptos, Ethereum was down 3%, XRP was falling 3.5% and Solana was dropping 2.7%.

Write to Adam Clark at adam.clark@barrons.com

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source: https://www.tradingview.com/news/DJN_DN20260409001576:0/