Bitcoin and Ether Surge on Ceasefire Bets as Shorts Unwind

Bitcoin and Ether rebounded after the Easter break as traders priced improved geopolitical odds for a possible U.S.-Iran ceasefire. Reports of talks for a 45-day ceasefire and higher ship traffic through the Strait of Hormuz helped ease supply and risk concerns, quickly flipping sentiment. Bitcoin rose about 3% to $69,120, its highest in over a week, while Ether outperformed, up around 3.7% to $2,130 (best daily move in several sessions). Solana gained to $82 (+2%), XRP to $1.34 (+2.2%), and Dogecoin to $0.093 (+1.7%). Total market cap climbed back above $2.5T. A key driver was a crowded-positions unwind in derivatives. Liquidations totaled roughly $273.8M across 24 hours involving 81,000+ traders. Short liquidations were $196.7M versus $77.1M long liquidations, including a $10.17M ETH-USDT short forced close on Binance. Bitcoin traded in a $66,634–$69,350 range during the day, reflecting volatility as bearish positioning was cleared. Market structure signals follow-through but also caution: futures open interest rose ~5% to $107B and trading volume jumped ~64% to $129B. On-chain, accumulation appears to be slowing, with long-term holder net position change down to 87,038 BTC. Supply clusters sit near $69,422, with thinner resistance above ~$70,685. The article frames the move as an upside test of the $65K–$73K conflict-era range, while longer-term valuation models suggest no overheating.