Bitcoin jumps on 45-day ceasefire hopes as shorts get liquidated
Bitcoin (BTC) rose about 3% to around $69,120 as traders returned from the Easter break and priced in hopes for a potential 45-day Iran ceasefire. The news also lifted broader crypto risk sentiment, pushing total market value back above $2.5T.
ETH led majors, up about 3.7% to roughly $2,130. SOL gained ~2%, XRP added ~2.2%, and DOGE rose ~1.7% (about $0.093), as the market responded to easing Strait of Hormuz concerns.
Positioning data points to a short squeeze. In the past 24 hours, $273.8M in total crypto liquidations occurred, with shorts accounting for $196.7M. A notable example was the largest single liquidation mentioned: an ETH-USDT short of about $10.17M on Binance. BTC also traded roughly between $66,634 and $69,350, increasing intraday volatility.
Traders are still watching BTC’s range trade: $65,000–$73,000. Key resistance is expected near $71,500 and again around $81,200. Follow-through likely depends on whether the 45-day ceasefire deal is confirmed or quickly walked back, with optimism supporting upside momentum and any reversal pressuring price back toward range lows.
Bullish
BTC’s move is supported by ceasefire optimism, which reduced perceived risk around shipping in the Strait of Hormuz. That macro headline, combined with a clear short-liquidation squeeze ($273.8M total; shorts $196.7M), pushed prices up quickly and dragged majors higher (including ETH’s relative outperformance).
However, the news is not a confirmed resolution. BTC remains range-bound ($65,000–$73,000), so traders should treat this as bullish near-term momentum rather than a confirmed breakout. Upside follow-through depends on whether the 45-day ceasefire is actually agreed and sustained; otherwise, the market may unwind the squeeze and return to the lower end of the range.