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Bitcoin price holds above $70k as exchange outflows rise and Iran conflict impact eases - CoinJournal
Bitcoin (BTC) has rebounded above $70,000 amid easing impact from the ongoing war between Iran, the United States and Israel.
At the start of the war, the cryptocurrency dipped below $66,000 within days, but it has now stabilised and started to rise, though sluggishly.
At press time, BTC was trading at $71,033, up 4.1% in 24 hours and 7% over the past week.
Exchange outflows tighten available supply
The decline in Bitcoin reserves on exchanges has become a notable trend in recent months.
Holdings on centralised platforms have dropped to levels not seen since 2019, with millions of coins being withdrawn into private wallets or institutional custody.
Source: CryptoQuant
This trend reflects growing confidence among long-term investors, who are increasingly keeping their Bitcoin off-exchange to reduce exposure to sudden liquidations.
Spot Bitcoin ETFs have also contributed to this reduction in available supply.
Since their introduction, the Bitcoin ETFs have absorbed substantial amounts of BTC, storing them in secure cold storage.
This accumulation limits the coins available for active trading, creating a tighter market environment.
Corporate treasuries have further added to the trend, holding significant amounts of Bitcoin for strategic purposes.
Together, these movements mean that while overall demand remains, fewer coins are actively circulating, creating potential for price support.
Geopolitical tensions ease, risk appetite returns
Furthermore, Bitcoin’s price rebound coincides with a decline in market fears over the Iran conflict.
Earlier concerns about potential escalation had briefly pushed oil prices higher and fueled risk-off sentiment across global markets.
But as the situation shows signs of stabilisation, investor confidence is gradually returning, especially after United States President Donald Trump hinted that the war could end very soon.
The easing of these geopolitical risks has allowed traders to step back into Bitcoin positions that had been paused during periods of heightened uncertainty.
Futures markets and institutional desks have also seen renewed activity, helping to support the cryptocurrency even amid broader market volatility.
Oil price fluctuations, which previously pressured Bitcoin along with other risk assets, have also eased as markets adjusted to the changing risk landscape.
Bitcoin price outlook
Technical indicators suggest that Bitcoin is in a strong bullish rebound, although momentum has been uneven.
Bitcoin price analysis | Source: TradingView
While short-term swings remain, the underlying supply-tightening trends and renewed institutional demand offer a structural basis for continued price resilience.
Investors appear cautious but committed, signalling that the market may continue to hold its gains as long as supply pressures remain and macro conditions stabilise.
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