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Bitcoin rose above the $70,000 mark on Wednesday after struggling to break that level since the 26 March drop. The move followed a two-week US–Iran ceasefire, with market sentiment supported by peace-talk expectations.
The announcement coincided with a broader shift in risk assets. S&P 500 futures gained 2%, while European equity futures rose 5%. Brent crude oil fell sharply, down 13% to $94–$95 per barrel. Gold prices also moved higher, surging more than 2%.
Cryptocurrencies broadly tracked the move in Bitcoin. Bitcoin was reported to have reached a three-week high. Ethereum, Solana, XRP, BNB, DOGE, HyperLiquid, Cardano, and Chainlink were all registering gains above 5%.
Among altcoins, the largest reported gainers included ZCash (+22%), EdgeEx (+19%), LayerZero (+16%), Athena (+14%), and ICP (+13%).
At the time of writing, BTC was trading at $71,665, up 4% over 24 hours and up 40% in volume. In the US spot market, institutional flows reportedly reversed, with $471 million in net inflows recorded for US spot exchange-traded funds (ETFs).
The derivatives market was also described as supportive, with open interest turning positive.
Sentiment was further boosted by references to upcoming Bitcoin-related proposals in the US SEC and the participation of major financial institutions. Morgan Stanley was also cited as having debuted as an ETF issuer, with a Bitcoin ETF carrying the ticker MSBT introduced by NYSE Arca.
The BTC/USD 4-hour chart was described as showing a corrective but bullish structure. The price tested the $72,000 zone early in the session but reportedly failed to hold amid selling pressure.
According to Coinpedia Markets, the market may face correction as sentiment evolves. The ultimate support zone was cited at $69,000 to $68,500, while resistance was identified at $72,000.
The article pointed to an Average Directional Index (ADX) reading of 32 and Bollinger Bands conditions—price hugging the upper band with a wide structure—as signals consistent with trend continuation.
The durability of the current trend was described as dependent on the ceasefire status in the coming week and afterward. The article also cited the potential for renewed upside if the Strait of Hormuz opens or if there is solid news of settlement, which it said could push Bitcoin capacity toward $80,000 again.
It also noted a downside scenario in which additional selling could emerge, accompanied by negative volume and reduced liquidity.

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