Gate News reports that on March 16, due to geopolitical developments, Bitcoin experienced a significant rally during Asian trading hours. Market data shows that BTC rose by approximately 2%, reaching a high of $74,309 before retreating to around $73,563. Investors are closely watching a key breakout zone above $74,000.
According to Axios, U.S. President Donald Trump is planning to form a multilateral alliance to reopen the Strait of Hormuz and discuss actions against Iran’s important oil export hub, Kharg Island. The island accounts for over 90% of Iran’s oil exports and is a critical energy node in the current conflict. Although no country has officially confirmed participation in the alliance, Trump is expected to announce further cooperation developments this week.
The market generally views this move as a potential signal of easing tensions. Following the news, Bitcoin’s price quickly surged from $72,785 to $74,309 before entering a high-level consolidation phase. Technical analysis indicates that around $74,051 constitutes a short-term resistance zone.
Since the conflict erupted on February 28, Bitcoin’s price has been highly correlated with geopolitical news. BTC has rebounded approximately 11% from its low of about $64,000 at that time. Analysts suggest that progress in the alliance efforts could serve as a significant catalyst for Bitcoin to break through the $74,000 to $75,000 range.
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