Crypto Market Surge As US-Iran Discuss A 45-Day Ceasefire, BTC Price Eyes $70,000

Key Insights:

• Crypto market gains momentum as global risk sentiment improves, with liquidations soaring to $325 million.
• Analysts noted BTC is testing the $69,000–$70,000 resistance zone, eyeing for an immediate upside to $75,000.
• Ethereum rose 5% while XRP, BNB, and SOL gained 3%–4% in the broader crypto market rally.

The crypto market has gained strength on April 6, as the US-Iran war sees the possibility of a 45-day ceasefire. This development comes following US President Donald Trump’s 48-hour ultimatum to Iran to open the Strait of Hormuz. The overall market sentiment has turned optimistic again with Bitcoin (BTC) price approaching $70,000.

Crypto Market Rally on Possible Ceasefire in US-Iran War

The United States and Iran are reportedly discussing a 45-day ceasefire proposal that could potentially lead to a permanent end to the ongoing conflict. As a result, risk-on assets have pumped up, with BTC gaining 4.11% to $69,778.

The proposed agreement includes a two-phase plan introduced by regional mediators, with a Tuesday, April 7, 8 PM ET deadline approaching. The development comes after multiple deadline revisions over the past two weeks.

Market participants are closely monitoring the talks, as any ceasefire agreement could significantly impact global risk assets, oil prices, and crypto markets.

Reports indicate that Trump suggested progress in diplomatic discussions. This has raised hopes for a possible de-escalation in the Middle East conflict. Market participants reacted to the comments, with oil prices easing slightly.

BTC Price Again At A Crucial Junction

BTC Price has once again reached the $70,000, which is has failed to break past over the past couple of weeks. Bitcoin is currently trading within the $69,000 to $70,000 resistance zone, a key level that could determine the next directional move.

Market analysts noted that a successful reclaim above this range could trigger a rally toward $72,000 to $74,000. It will lead to renewed bullish momentum across the crypto market.

Popular market expert Ted Pillows stated that a rejection from the resistance zone may increase downside pressure. If BTC fails to break out at $70,000, it could fall to $66,000.

Crypto analyst Michael van de Poppe highlighted strengthening momentum in Bitcoin. He noted that volatility is beginning to increase across the market. Van de Poppe said Bitcoin could see significant price movement this week as geopolitical tensions around the Strait of Hormuz potentially approach a resolution.

According to the analyst, a break above $71,000 would likely open the door for Bitcoin to test $80,000. It could trigger a bullish momentum across the crypto market.

Crypto Market Shows Strength With Altcoins Leading

Along with BTC price, the broader crypto market is showing signs of upside. Ethereum (ETH) is leading the altcoin market rally, gaining 5%, and is currently trading at $2,150 levels. Other altcoins have also joined the rally, with XRP price being up 4% today, while BNB Coin (BNB), Solana (SOL), and Dogecoin (DOGE) have gained 3% each.

As per the Coinglass data, the 24-hour crypto market liquidations have soared to $325 million, of which $275million is in short liquidations. The data also shows 84,897 traders were liquidated across the cryptocurrency market over the past 24 hours.

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