- A crypto rally is happening, with Bitcoin rising above $70,000.
- Donald Trump signaled that the war was about to end.
- Crude oil prices tumbled as global stocks rebounded.
A crypto rally is happening today, March 10, raising hopes of a new bull run as geopolitical risks fall. Bitcoin price jumped to $70,000, while the industry’s valuation rose to over $2.36 trillion.
Crypto Rally Started as Trump Starts Capitulating
Most altcoins were in the green, with DeXe, Pippin, Hyperliquid, Zcash, and Pudgy Penguins being the top gainers. All these tokens jumped by over 8% each.
The ongoing crypto rally has coincided with the rebound in the stock market and the retreat in crude oil prices. Asian indices look like Kospi and Nikkei 225 jumped by over 4%, while Brent and the West Texas Intermediate fell by double digits.
This performance is happening after President Donald Trump hinted that his war against Iran was about to end. In a statement, he said that the war would end soon, noting that the US had achieved most of its goals, including dismantling Iran’s nuclear capabilities.
READ MORE: Bitcoin Price Prediction: Why the Stock Market Crash May Lead to a Rebound
Additionally, Trump said that the US would waive any oil-related sanctions and have the US military escort ships crossing the Strait of Hormuz.
These statements confirmed the phrase “TACO,” which means “Trump Always Chickens Out.” They happened after the stock market crashed, with the Dow Jones shedding over 1,100 points, and crude oil surging to the highest level since 2022.
Trump always checks the stock market, which he believes is a gauge of his performance as the US president. As a result, the substantial decline on Monday likely sent shivers down his spine, prompting him to capitulate.
His statement came after the Washington Post reported that some Israeli officials close to Benjamin Netanyahu were getting concerned about the war.
Is a Crypto Bull Run Starting?
Therefore, there is a likelihood that the new actions will lead to a new crypto bull run as the biggest risk in the market has been removed. This is in line with our prediction a few weeks ago. As we wrote, the next crypto bull run will start when the war starts, and Trump starts to capitulate.
Technically, however, the bull run faces a major test as Bitcoin remains below the important $74,715 level, its lowest since April last year.
It also remains below the 50-day Exponential Moving Average (EMA) and is forming a bearish flag pattern, which often signals further downside.
Therefore, the crypto rally will be confirmed if it moves above the $74,714 resistance and the 50-day and 100-day Exponential Moving Averages.
The other major risk to a crypto bull run is that Iran may not have the incentive to end the war soon. Iran believes that it has won, as the regime still stands. Also, continuing to bomb Israel may further validate its victory.
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