Bitcoin climbed back above $70,000 on Tuesday morning in East Asia, completing a swift rebound after a weekend selloff that briefly pushed the largest digital asset to around $65,000.

Markets shifted into risk-off mode early Monday after disruptions in the Strait of Hormuz drove major oil benchmarks above $100 for the first time in years. Bitcoin fell alongside risk assets and the U.S. tech sector during the initial shock but quickly stabilized before resuming its upward move.

Analysts noted that the cryptocurrency showed notable resilience despite the scale of the shock, while institutional demand has also continued to provide support.