Bitcoin jumps 4% to $71K as US-Iran ceasefire boosts sentiment; Ethereum follows higher

Bitcoin and Ethereum rallied over the past 24 hours after President Trump’s announcement of a two-week ceasefire and plans to reopen the Strait of Hormuz boosted market sentiment. Ethereum rose 6.5% to $2,248, while Bitcoin gained around 4% to trade near $71,575 on Wednesday.

Among the major altcoins, XRP, BNB, Solana, Dogecoin, Hyperliquid and Cardano gained up to 7% whereas Tron slipped marginally by 0.1%.

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WazirX Market’s Desk said Bitcoin currently trades at $71,335.97, up 4% over 24 hours. The price briefly surpassed $72,000, reaching $72,339 in the hour after the ceasefire announcement.

The global crypto market capitalisation went up 4% to $2.44 trillion, according to CoinMarketCap. Despite this push, the overall market sentiments continue to remain under fear, said CoinDCX Research Team.

In the past week, Bitcoin and Ethereum were up 5% and 7% respectively. Among the major altcoins, XRP, Solana, Dogecoin, Hyperliquid and Cardano gained up to 7% whereas BNB and Tron slipped 0.1% and 0.05%

"Bitcoin’s push above $72,000 and Ethereum’s ~6% daily gain followed the temporary US–Iran ceasefire, triggering repricing across global markets i.e. oil corrected 12–15% and bond yields pulled back, easing inflation concerns," said Riya Sehgal, Research Analyst, Delta Exchange.

"The durability of this move remains uncertain. Crypto trades as a high-beta macro asset, sensitive to liquidity, rate expectations, and geopolitical stability. Spot ETF flows and institutional participation have shown resilience, with March returning to net positive inflows, but remain insufficient to sustain a bull cycle without broader monetary easing," Sehgal further said.

Market perspective

Vikram Subburaj, CEO, Giottus

Despite this rebound, Bitcoin remains structurally range-bound. Price continues to find immediate support near $68,000, with a stronger support zone at $65,000-$66,000. BTC had stabilised here during the late-March correction. Importantly, supply distribution data indicates that only about 1 per cent of circulating Bitcoin lies between $72,000 and $80,000.

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Akshat Siddhant, Lead quant analyst, Mudrex

The move was supported by strong institutional demand, with Bitcoin ETFs recording $471 million in inflows, the highest in six weeks. Additionally, about $400 million in short positions liquidation further amplified the move.

Currently trading at $71,300, Bitcoin’s long-term uptrend will depend on further geopolitical clarity and macroeconomic figures such as the US CPI data. If the momentum continues, Bitcoin could move towards the $75,000 level, confirming a breakout, while the support lies at the $68,000 zone.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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