Bitcoin has climbed back above the $70,000 mark, hitting its highest level in the past 10 days. The move was quick, with BTC jumping around 3.6% in just 12 hours, triggering over $258 million in liquidations, $233 million of that from short positions.
It's risk-on again for markets after a Reuters report suggested a ceasefire plan between the U.S. and Iran could come into effect on Monday, potentially reopening the Strait of Hormuz.
Bitcoin traders are sweating bullets ahead of April 10's Consumer Price Index release, with many expecting the crypto king to go absolutely bonkers depending on what inflation numbers show up. The CPI data drops courtesy of the U.S. Bureau of Labor Statistics, and pretty much everyone in crypto is watching like hawks.Bitcoin mining hardware
The original Bitcoin (BTC) Rainbow Chart is pointing to a higher valuation range for the end of April, even as the asset currently attempts to exit a recent consolidation phase below the $70,000 mark.
Charles Schwab Adds Bitcoin and Ethereum Trading
At 8:30 on a Friday morning, the Bureau of Labor Statistics dropped one of the more surprising jobs reports of the past year. The US economy added 178,000 jobs in March, and the unemployment rate ticked down to 4.3%.
Oil is sliding. Bitcoin is climbing. And a trader who has made $116 million in five months just opened a $51 million bet that the gap between them is about to widen significantly. The position – a short on Brent crude opened today – was flagged by analysts on X. The timing is deliberate.
If a ceasefire materializes, a relief rally could further benefit risk assets. For now, traders appear to be treating the headlines with skepticism.
Bitcoin breaks $70K on ceasefire hopes, but war risks remain. Will BTC rally continue or reverse as oil and inflation pressures return?
Even with the situation looking dire in the Middle East conflict, the Bitcoin bulls have managed to prevent the $BTC price from falling out of its bear flag. Now testing the major $69K horizontal resistance level, is there a chance that there could still be some life left in the bulls?
Mike McGlone, Commodity strategist at Bloomberg Intelligence, has suggested that Bitcoin (BTC) could revisit the $10,000 level in 2026.
The Bitcoin (BTC) apparent demand has dropped to its lowest level in 30 days, signaling a capitulation of long-term investors as of April 6.