Bitcoin Surges Past $71,000 as US-Iran Two-Week Ceasefire Sparks Risk Rally

Bitcoin Breaks $71,000 on Geopolitical Relief

Bitcoin surged 4.3% on April 8, punching through the $71,000 level. At the time of reporting, BTC was trading around $71,600, fueled by a sudden shift in risk appetite following a ceasefire announcement between the United States and Iran.

Ethereum rode the wave higher, climbing 6.3% over 24 hours to touch $2,200 — its highest price since mid-March.

Among the top 10 cryptocurrencies by market capitalization, Hyperliquid led the charge with a 7.8% gain, followed by Solana (+5.8%) and XRP (+5.5%). Total crypto market capitalization rose 4.15% to reach $2.45 trillion.

The sharp move upward triggered over $597 million in liquidations within 24 hours. Short sellers bore the brunt of the damage, accounting for $428.9 million of the total.

The popular Fear and Greed Index from Alternative.me ticked up from 11 to 17, though it remains firmly in "extreme fear" territory.

Why This Matters

The catalyst behind the risk-on move was a two-week ceasefire between the US and Iran. President Donald Trump announced that both sides had agreed to a temporary halt in hostilities.

"🚨 President Donald J. Trump makes a statement on Iran" — The White House (@WhiteHouse), original post

Trump stated that all military objectives had been met and exceeded, adding that negotiations had reached an advanced stage toward a long-term peace agreement. Iran reportedly put forward 10 conditions, which the US side deemed an acceptable basis for continued dialogue.

Trump also shared an official statement from Tehran guaranteeing safe passage through the Strait of Hormuz. Prior threats to block this critical shipping lane had caused sharp oil price swings and disrupted global energy supply chains.

Oil Prices Plunge, but Skepticism Lingers

The ceasefire had an immediate impact on energy markets. Brent crude dropped 15% to $92 per barrel, while WTI futures fell 16% to $94.70. Both had been trading above $100 before the announcement.

Despite the powerful crypto rally, market participants remain cautious. LVRG director Nick Ruck noted that uncertainty around compliance with the ceasefire terms, the threat of renewed escalation, and broader macroeconomic headwinds could cap gains if sentiment reverses. Zeus Research analyst Dominic John added that a sustainable rally would depend on stable macro conditions and structural capital inflows into the sector.

Key BTC Levels to Watch

Earlier in April, Coin Bureau founder Nic Puckrin flagged the $68,000 level as "dangerous" for Bitcoin. He explained that a significant concentration of negative gamma exists at that price on the options market, which could trigger a cascading selloff down to $60,000 if breached.

For now, Bitcoin sits comfortably above that danger zone. The critical question is whether a temporary two-week truce provides enough foundation to sustain current price levels once the ceasefire clock runs out.