Bitcoin eyes historic high as crypto market rallies on April 6

Bitcoin began the new week in a tug-of-war as macro headwinds persisted, even after a late-week rally. Data cited from OKX showed Bitcoin gained more than 4% over the prior 24 hours, trading above $69,600. Ethereum rose more than 5% to around $2,150, while XRP and BNB were up over 3%.

Rally lifts prices above key levels

Cointelegraph reported that Bitcoin’s start to the week reflects a tug-of-war between persistent macro headwinds and market signals that some observers interpret as a potential trend reversal. The expectation of a recovery cycle has been supported by the market closing the week above key levels.

Historical data referenced in the article suggests the last clear reversal signal for Bitcoin occurred in May 2025, after a bottom formed around $74,500. Over the following two months, the price reportedly surged from $94,000 to $119,000, setting a historic high.

Cycle timing and key levels

The article also points to a pattern seen in prior cycles: it typically took about 245 days for the market to move from a downtrend to an uptrend. If that timing repeats, the corresponding milestone for the current cycle would fall at the end of April 2026.

After the week closed, Bitcoin continued trading above $70,000 and reached a new April high. However, some traders remain cautious, arguing the rally may not yet have a durable foundation. One scenario mentioned in the article expects a pullback toward the $64,000 area to “sweep liquidity” before any further advance.

Bitcoin was trading around $69,665, according to OKX.

Liquidations and speculative activity

The rally also triggered forced selling and liquidations. CoinGlass data cited in the article said total liquidations across the market surpassed $250 million over 24 hours.

CryptoQuant noted a sharp increase in speculative activity, particularly on Binance, indicating money is flowing back into the market.

Macro risks remain central

Despite the crypto rebound, macro risks continue to influence sentiment. The article highlighted ongoing geopolitical tensions among the US, Israel and Iran, which have not cooled. It cited WTI oil trading above $115 per barrel, raising inflation concerns, especially as critical shipping routes such as the Hormuz Strait face disruption.

Upcoming US economic releases—PCE and CPI—are expected to have a strong impact on markets. One estimate cited in the article suggests that if oil remains elevated for several weeks, US CPI inflation could rise to about 3.7%, above the Federal Reserve’s 2% target. The article also states that the market currently shows little expectation of a rate change at the late-April meeting.

Downside scenarios and potential upside

The article included cautionary scenarios in which a major shock could push Bitcoin down by as much as 20%. It also referenced a more pessimistic possibility of a retest of the lower $60,000 region, or deeper around $40,000–$50,000.

At the same time, it noted that if macro conditions improve and downtrend pressure eases, the downtrend could be broken—potentially opening the door for Bitcoin to move back toward higher price levels.