Bitcoin Tops $72K, Ethereum Jumps as U.S.-Iran Ceasefire Lifts Markets
- Bitcoin hit $72,762, and Ethereum rose over 7% after the U.S.-Iran ceasefire announcement.
- Crypto added $120B as open interest jumped 5.53% and funding rates turned positive.
- Traders saw $601M in liquidations, with Bitcoin shorts accounting for $214M.
Bitcoin and Ethereum rallied sharply on Tuesday evening after President Donald Trump announced a two-week ceasefire between Iran and the United States. The move eased immediate geopolitical pressure and triggered a broad rebound across crypto and U.S. stock futures, while oil prices fell steeply.
The market reaction was swift and measurable. BTC climbed to $72,762, gaining 5.67% in 24 hours, while ETH rose more than 7% to $2,248. The wider crypto market also added $120 billion, a 4% increase, as traders responded to the sudden drop in risk premiums.
According to reports, Trump disclosed the pause through Truth Social shortly before his 8 p.m. ET deadline. He said the bombing and attack by Iran would be suspended for two weeks. He also described the arrangement as a “double-sided CEASEFIRE” after saying military objectives had already been met and talks on long-term peace were advancing.
Iran also confirmed the pause in hostilities. It said its armed forces would stop defensive operations if attacks against Iran were halted. The statement further said oil tankers could safely move through the Strait of Hormuz for two weeks, subject to coordination and technical limitations.
Ceasefire Sparks a Clear Risk-On Shift
The announcement sent traditional and digital markets in the same direction. U.S. stock futures moved higher, while oil prices moved sharply lower. West Texas Intermediate crude fell more than 10% to $95 a barrel, and Brent posted a similar decline.
That price reversal in oil mattered for crypto. For more than a month, rising tension around Iran had weighed on risk assets and supported inflation concerns. During that period, upside in crypto remained limited as traders leaned toward defensive positioning in futures markets.
Bloomberg opinion columnist Javier Blas said Iran’s confirmation helped reopen the flow of oil and LNG, even if the Strait of Hormuz situation remained partly unclear. His remarks highlighted that markets viewed the development as a meaningful reduction in immediate supply risk.
Derivatives Data Shows Strong Bullish Positioning
The derivatives market reflected the same shift in tone. Perpetual open interest rose 5.53%, while the average funding rate turned positive and jumped 296% over 24 hours. That combination suggested leveraged long positions were increasing as prices moved higher.
Market structure data also showed a modest rotation inside crypto. Ethereum’s market dominance rose from 10.81% to 11.05%, indicating that capital was not only entering the market but also favoring large-cap assets over smaller tokens.
Short liquidations added further momentum. CoinGlass data showed 121,180 traders were liquidated over 24 hours, with total liquidations reaching $601.98 million. BTC alone accounted for more than $245 million, including $214 million in short positions. The largest single liquidation happened on Binance in BTCUSDT, valued at $11.79 million.
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Price Action Turns to Resistance After the Surge
Bitcoin’s move above $72,000 marked its first trade above that level since March 18. The price later eased below $71,755, though it still held a 4.87% daily gain. The rebound followed what analyst Crypto Patel described as a strong buyer reaction from a rising support trendline near $65,000.
Patel said the next key level remained a bearish order block near $76,000. His chart showed that BTC was still trading below that resistance area despite reclaiming lost ground. He identified $86,000 to $90,000 as the next supply zone above while also noting rejection risk remained tied to that barrier.
A shorter-term chart shared by Rod presented a more cautious setup. On the 10-minute perpetual chart, he pointed to a three-drive pattern that had turned into a falling wedge. His view suggested the latest upside still faced near-term technical pressure despite the strong reaction to the ceasefire.
Overall, a two-week U.S.-Iran ceasefire sparked a sharp risk-on rebound, lifting Bitcoin above $72,000 and pushing Ethereum higher. As oil slid and short liquidations surged, crypto added $120 billion, though Bitcoin still faces a decisive resistance test near $76,000.
