Bitcoin climbed about 2% to a session high of $74,309 during Monday’s Asia trading after reports that Donald Trump is planning a multinational coalition to reopen the Strait of Hormuz.
The rally followed a report by Axios that Trump is considering a potential ground operation to seize Iran’s Kharg Island if oil tankers remain blocked in the Persian Gulf.
Bitcoin surged from $72,785 to $74,309 before retreating to around $73,563 as resistance near $74,051 held, leaving traders watching the $73,000 to $74,000 range as a potential breakout level.
The proposed operation targets Kharg Island, which handles more than 90% of Iran’s crude exports and is considered a strategic chokepoint in global energy markets.
Markets interpreted the coalition proposal as a possible signal of de-escalation in the conflict, supporting demand for risk assets including bitcoin.
Bitcoin has now formed higher lows after each major conflict headline since tensions escalated on February 28, climbing roughly 11% from its $64,000 opening-day low.
Analysts say a confirmed international commitment to the Hormuz coalition could provide the catalyst needed for bitcoin to break decisively above the current resistance zone.
At the time of reporting, Bitcoin price was $74,010.22.