Bitcoin traded above $69,000 at press time on Monday after U.S. President Donald Trump pushed back his deadline for Iran from Monday to Tuesday night, while continuing to warn of possible strikes on critical infrastructure.

Trump said the U.S. would “blow everything up” if Iran fails to reach a deal by 01:00 GMT on Wednesday. The latest extension represents the fourth adjustment to Washington’s timeline for potential military action, even as the Strait of Hormuz remains shut.

For Iran’s part, the nation has dismissed any reports of ongoing peace negotiations and issued threats toward neighboring oil-producing nations within OPEC. Besides this, officials have also moved to challenge the petrodollar system by allowing select oil shipments to pass in exchange for tolls paid in Bitcoin or euros. The development likely coincides with a pickup in spot demand for Bitcoin seen on Sunday.

Strait of Hormuz closure keeps oil prices elevated

The renewed warning comes as the Strait of Hormuz has stayed closed to global shipping for over three weeks, disrupting a route responsible for roughly 20% to 30% of global oil transit and consumption.

Washington has repeatedly issued ultimatums demanding the reopening of the passage, warning of “devastating” strikes on Iran’s energy infrastructure if conditions are not met.

Iranian officials, however, signaled plans to maintain the closure while considering transit tolls to offset war-related damage. They added that the Strait could reopen once compensation mechanisms are in place.

Oil markets have already reacted sharply. Brent crude oil settled above $109 per barrel on Thursday, and traders are bracing for further volatility when markets reopen. Elevated energy prices and prolonged geopolitical stress could weigh on risk assets, potentially limiting Bitcoin’s near-term upside.

Short liquidations fuel Bitcoin’s move higher

Bitcoin (BTC) crossed the $69,000 threshold for the first time today since early April, climbing about 2.75% during Monday’s early session. The asset reached an intraday peak near $69,321 before easing slightly to around $69,100.

Bitcoin’s price uptick has triggered a surge in short liquidations, with data from CoinGlass showing over $104.5 million in short positions liquidated in 24 hours out of a $196 million total crypto market liquidation

Such liquidations often accelerate moves upward, as forced buybacks from short sellers create additional demand and reinforce momentum.

As such, if Bitcoin manages to hold above the reclaimed $69,000 level, the next resistance range for the bellwether asset lies between $70,000 and $72,000.