Cryptocurrencies traded higher during Monday’s U.S. session, rebounding from steep overnight losses that had briefly pushed Bitcoin close to $65,000. The recovery came as oil prices pulled back sharply from earlier highs, easing pressure on global risk assets.

By midday, Bitcoin was hovering just below $69,000, up about 2.5% over the past 24 hours. Ethereum also strengthened, reclaiming the $2,000 mark and gaining roughly 4% over the same period.

Crypto-linked equities were mostly in positive territory. Shares of Circle Internet Financial, the issuer of the USD Coin stablecoin, jumped around 8% after global insurance broker Aon revealed it had paid an insurance premium using stablecoins for the first time, including USD Coin.

Other crypto-related companies also saw gains. MicroStrategy advanced roughly 3% after announcing last week that it had purchased $1.28 billion worth of Bitcoin. Meanwhile, crypto exchange Coinbase was modestly lower on the day.

The rebound in digital assets came alongside a turnaround in equities as energy prices retreated from earlier spikes. The Nasdaq Composite moved from an early drop of about 2% to trade near flat levels during the session.

Earlier in the day, West Texas Intermediate crude oil had surged nearly 30%, briefly reaching $120 per barrel overnight before retreating to around $95. Even after the pullback, crude remained about 5% higher for the session.

The initial surge in oil followed a tense weekend with no clear signs of an immediate end to the conflict involving Iran, which heightened concerns about possible disruptions to global energy supply.

Despite volatility in traditional markets, analysts say Bitcoin has shown notable resilience.

“Bitcoin has displayed surprising resilience despite the extreme volatility across traditional assets,” said David Morrison, senior market analyst at Trade Nation. He noted that bullish sentiment could strengthen if the cryptocurrency quickly pushes back above $70,000 and holds that level during any pullback.

Morrison added that with traditional financial markets under strain and supply chains potentially threatened by disruptions in the Middle East, some investors may be turning to digital assets as an alternative to investments closely tied to oil prices.

Meanwhile, Ram Ahluwalia, chief executive of Lumida Wealth, said equities could be nearing a short-term bottom.

“We may see a local bottom sometime today and a rally during the week,” Ahluwalia said. However, he cautioned that the bounce could prove temporary, with broader weakness likely to persist and the S&P 500 potentially struggling to return to its record highs in the near term.