Bitcoin rose about 3% to ~$71,255, but remains rangebound as markets face geopolitical tensions and fading hopes for Fed rate cuts.

Key factors:

Trump escalated rhetoric toward Iran, warning of severe retaliation if Iran disrupts oil flows through the Strait of Hormuz.

Oil prices spiked near $120 per barrel amid conflict fears but have since fallen to around $88.

Fed rate cut expectations collapsed to 0.6%, down from about 20% a month ago, leaving crypto markets waiting for policy clarity ahead of the March 18 FOMC meeting.

Market dynamics:

Bitcoin is consolidating between roughly $65K and $74K, with traders locked in a derivatives liquidity battle.

About $359 million in liquidations occurred as both long and short positions were squeezed.

Large BTC transfers (about $130M) from the Winklevoss twins to Gemini hot wallets suggest potential sell-side positioning.

Bottom line:

Bitcoin’s recent move higher hasn’t broken the range, as traders remain cautious amid geopolitical uncertainty and a hawkish Fed outlook.