- Bitcoin price rose above 72K after the US-Iran ceasefire reduced tensions
- The price of Bitcoin continued to rise, and market activity quickly multiplied.
- The BTC futures open interest reached $51.45 billion, indicating strong trader participation.
Bitcoin traded above $72,000 for the first time in three weeks after the United States and Iran confirmed a two-week ceasefire. According to CoinMarketCap, Bitcoin rose by more than 5% over 24 hours, while participation increased across both spot and derivatives markets. The increase in Bitcoin price followed remarks from Donald Trump, who indicated that the United States could reduce its military involvement within two to three weeks.
Bitcoin Price Responds to Ceasefire and Policy Signals
In an X post on Truth Social, Trump stated that the U.S. would assist with managing congestion in the Strait of Hormuz while allowing Iran to begin reconstruction efforts. He also said U.S. forces would remain present in a limited capacity to support stability during the transition period.
Source: Truth Social Donald J. Trump
White House Press Secretary Karoline Leavitt stated in an X post that negotiations between the United States and Iran would continue, with in-person discussions under consideration. Iran’s Supreme National Security Council also confirmed it had accepted the ceasefire, reinforcing the agreement’s coordinated nature.
Iranian Foreign Minister Abbas Araghchi stated that Iran’s armed forces would cease defensive operations if attacks against the country were halted. He added that safe passage through the Strait of Hormuz would be permitted for two weeks, coordinated with Iran’s armed forces and subject to technical limitations.
However, the ceasefire remains limited in scope. Benjamin Netanyahu stated that the agreement does not extend to Hezbollah in Lebanon. Israel’s government indicated it would suspend strikes against Iran only if specific conditions are met, including the reopening of the Strait of Hormuz and the cessation of attacks targeting the United States, Israel, and other countries in the region.
Bitcoin Price Analysis: BTC’s Movement is in Line With Market Recovery
The price of Bitcoin hit an intraday high near $72,732 after hovering around $ 67,740 earlier that day, signaling a clear change in the short-term trend. As of press time, Bitcoin was trading at approximately $71,700, up 34% over the past 24 hours. The broader cryptocurrency market also posted gains of nearly 5% in the same timeframe.
The rise in Bitcoin’s price occurred as oil prices continued to fall. Oil prices plunged more than 15% to move around $95 per barrel. At the same time, the reopening of the Strait of Hormuz, a critical route for global energy shipments, played a central role in stabilizing market expectations.
Those changes in momentum were reflected in technical indicators. The Moving Average Convergence Divergence (MACD) was recorded at 463.79, and the signal line was at 4.99.
Source: Trading View
The histogram stayed negative, dropping further to -458.80, but it was still converging with a falling/bullish momentum, indicating the bears were losing more grip over this price action. Nonetheless, the MACD line crossed above the signal line, suggesting a short-term price reversal.
Trading in derivative markets surged as Bitcoin’s price climbed. According to CoinGlass data, BTC futures open interest rose by around 6% over the past 24 hours to $51.45 billion.
Furthermore, open interest rose by more than 1% over the past 4 hours, signaling that traders remained active. The increase in open interest coincided with higher trading volumes, indicating that market participants were repositioning after the ceasefire was confirmed.
