Bitcoin pushed to a fresh 11-week high on Thursday as trading activity strengthened during the early Wall Street session, reaching $72,505 on Bitstamp. The move unfolded alongside a macro backdrop that turned riskier rather than calmer: US equities opened lower and bond yields rebounded after renewed geopolitical alarm around US-Iran tensions.

While BTC gained more than 4% on the day, several analysts and on-chain observers cautioned that the rally may still be too early to treat as a full “bear market over” signal—especially given the market’s prior sensitivity to liquidity and risk conditions.

Key takeaways

BTC/USD retested around $71,000 before rising to $72,505 on Bitstamp, according to TradingView data referenced in the coverage.
Trump’s “economic warfare” language on Iran coincided with a reversal higher in US government bond yields after a sharp prior-day drop.
WTI crude climbed to $87.69 per barrel, reflecting an energy market that continues to price geopolitical risk.
Analysts argued technical levels and demand signals still need confirmation before calling a lasting bull-cycle shift.
CryptoQuant highlighted renewed spot-and-derivatives demand, though the scale was described as “modest” and will require follow-through.

Bitcoin breaks higher as macro nerves return

TradingView data cited in the report shows BTC/USD moving back above $71,000 prior to setting a new 11-week peak at $72,505 on Bitstamp. The price action came after US markets opened on a weaker footing, with bond yields recovering after falling the day before.

This matters for crypto because Bitcoin’s recent trading has often correlated with shifts in broader risk appetite and expectations for market liquidity. When yields rise quickly—particularly after a period of decline—investors tend to reassess discount rates and near-term risk exposure, which can quickly change the tone of crypto rallies.

US-Iran “economic warfare” rhetoric sparks yield volatility

Equities traded softer after President Donald Trump threatened Iran with what he described as the “most crushing economic operation ever taken against any country,” calling it “Economic D-Day.” The comments were posted on Truth Social, where Trump also framed the escalation as “economic warfare and isolation on an unprecedented scale,” tied to frustration over the absence of a deal concerning the Strait of Hormuz oil route.

Energy pricing reinforced the risk narrative. WTI crude reportedly reached $87.69 per barrel, the highest level since July 24.

At the rates level, the report notes that Treasuries volatility increased after the earlier selloff in yields. The US 30-year yield reportedly traded as low as 5.179% before rebounding to 5.266%—an increase of 9 basis points—nearly erasing the prior day’s downside. The 10-year yield also reversed the previous day’s decline.

In parallel, the US Treasury had announced it would revisit the size of debt buyback operations on Nov. 4, after earlier messaging indicated intervention would at least double the size of liquidity actions from September. However, the report also cites commentary from The Kobeissi Letter suggesting that the intervention might not be enough to stabilize markets if pressure continues, writing on X: “It’s going to take a lot more intervention to tame this beast.”

Rally durability questioned: technicals and cycle timing

After gaining nearly $10,000 over four days, Bitcoin’s advance appeared to raise more questions than it answered. The report highlights trader and analyst Rekt Capital’s view that BTC needs to hold and extend its strength to invalidate a “weakening support” theme. Rekt Capital wrote that technicals were still pointing to $60,000 as a weakening macro support level.

That assessment is important because it frames the move as more than a simple breakout. If price can’t maintain higher levels long enough to alter key technical narratives, rallies can fade quickly—particularly when macro conditions remain unsettled.

The report also references a separate post arguing that four-year BTC cycle patterns may allow for a new macro low before the end of 2026. While cycle timing is inherently uncertain, the key takeaway for readers is that not all market participants are treating the current rebound as evidence of an immediate, uninterrupted trend reversal.

Demand signals return, but confirmation is the next test

One of the more constructive points in the coverage came from on-chain analytics firm CryptoQuant. Its CEO, Ki Young Ju, flagged a return of positive demand for Bitcoin across both spot and derivatives markets—something he said had not been seen since October 2025, when BTC/USD set its most recent all-time high at $126,200.

Ki Young Ju described the demand shift as “modest,” but argued that if it holds for another month, it may be reasonable to conclude that the bear market has ended and a new bull cycle has begun. The report also notes that earlier coverage from Cointelegraph had emphasized missing spot demand as a key catalyst behind the lack of sustained momentum in prior attempts at reversal.

Putting the pieces together, the picture is mixed: Bitcoin is making price progress while macro risk indicators—yields and crude—remain volatile. At the same time, measurable demand dynamics are improving, though observers want to see whether the current uptick sustains rather than disappears after a short burst.

As traders look ahead, the biggest near-term question is whether Bitcoin can maintain levels that matter technically while macro conditions stabilize enough to support the flow of new demand. The next signals to watch are continued strength in spot/derivatives metrics and whether bond yields keep rebounding on renewed geopolitical headlines—or settle into a less disruptive range.