Bitcoin edges lower, sheds prior gains

The world’s largest cryptocurrency slid 0.4% to $70,475.6

Bitcoin edged lower on Tuesday, pulling back from gains notched in the prior session, as investors gauged the prospect of a possible de-escalation in the U.S.-Israel war on Iran.

The world’s largest cryptocurrency slid 0.4% to $70,475.6 by 22:16 GMT.

Worries have abounded that a prolonged surge in oil prices will drive up global inflation, in turn eliciting hawkish moves by central banks across the world. Such a scenario bodes poorly for speculative, non-yielding assets such as Bitcoin and gold.

Still, Bitcoin has fared relatively better than gold since the onset of the war in late February, with the yellow metal having logged deep losses partly due to profit-taking after a steep recent climb to record levels.

Wall Street broker Bernstein said Bitcoin appears to have bottomed, with analysts also reiterating a bullish view on Bitcoin treasury firm Strategy.

We believe Bitcoin has found its trough and is now heading higher, analysts led by Gautam Chhugani wrote.

They believe the recent pullback in bitcoin reflects a reset in sentiment rather than a deterioration in fundamentals, noting the lack of broader systemic stress typically associated with past crypto downturns.

On the macro front, the analysts added that Bitcoin has outperformed gold by 25% since the Iran war began in late February, reinforcing its role as a portable and censorship-resistant asset during periods of geopolitical uncertainty.

At the same time, the brokerage maintained its outperform rating and $450 price target on Strategy, pointing to the company’s resilient performance through Bitcoin’s around 50% drop from its October 2025 high.

The analysts described Strategy as a high-beta way to gain exposure to Bitcoin, highlighting what they called a “resilient, liquid and pressure-tested” balance sheet. The company, led by Executive Chairman Michael Saylor, holds nearly 3.6% of total Bitcoin supply, valued at around $53.5 billion.