Bitcoin (BTC) surged to about $72,700 during Tuesday’s New York session as oil slid below $100 per barrel after US President Donald Trump confirmed a two-week ceasefire with Iran.
Key takeaways:
– Bitcoin bounced roughly 7% to $72,700 after the US and Iran agreed a two-week ceasefire.
– More than $431 million in short positions were liquidated in the past 24 hours.
– Traders say BTC must decisively break the $72,000–$76,000 range to confirm a trend change.
Bitcoin hits three-week high with 7% rebound
TradingView data showed BTC rose as much as 7.4% to $72,760 from a low of $67,274 on Tuesday, wiping out losses from the prior 20 days. The last time BTC/USD traded above $72,000 was March 18.
The price moved after Trump confirmed the two-week ceasefire agreement with Iran, conditional on “complete, immediate, and safe opening” of the Strait of Hormuz. Analysts noted the speed at which geopolitical headlines can shift crypto flows. “Geopolitics moves crypto faster than any TA. One post from Trump and billions flow back into markets,” trader Mr Brondor said.
The rally triggered $431 million in short liquidations over the past 24 hours, with BTC short liquidations accounting for about $214.8 million. Total crypto-market liquidations in that period reached roughly $610 million.
Oil, which had spiked above $110–$118 per barrel amid the conflict, fell as much as 16% to about $92 from an intraday high near $110. WTI briefly dropped to $90 before recovering to around $95 at the time of reporting.
QCP Capital cautioned that the broader setup remained fragile despite the relief rally. The firm noted Hormuz’s reopening was conditional, infrastructure damage had already occurred, and upcoming catalysts — including Fed minutes, CPI data, and the diplomatic test of the pause — could determine whether the rally holds.
BTC price trend change still in question
Despite the bounce, traders warned bearish technical risks remain. Some flagged a possible bear-flag breakdown on the daily chart that could limit upside.
“BTC bulls still have a lot of work to do,” crypto trader Jelle said, arguing the bearish flag into key resistance remains a strong possibility and warning against euphoria. The flag’s upper boundary sits in the $72,000–$76,000 supply zone, where resistance could delay further gains.
Analyst Crypto Patel echoed that bears were positioned at $72,000 and said a high-timeframe close above $76,000 would increase chances of a move toward $86,000–$90,000. Conversely, rejection at $76,000 could open the next leg down below $60,000.
Other market participants expect a fresh move lower toward the 200-week moving average and the realized price, levels that have historically marked bear-market lows.
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