Bitcoin climbed to roughly $72,700 during Tuesday’s New York session after US President Donald Trump confirmed a conditional two-week ceasefire with Iran, briefly reversing a multiweek slide. TradingView data showed BTC/USD rallied as much as 7.4% to $72,760 from a low near $67,274, wiping out losses from the prior 20 days. The pair had not traded above $72,000 since March 18.
The geopolitical shift also pressured crude prices, which fell from intraday highs above $110 to near $92 per barrel, with WTI briefly touching $90 before recovering closer to $95. Market participants said the ceasefire news and talk of a reopened Strait of Hormuz sent capital back into risk assets, underscoring how rapidly geopolitical headlines can move crypto flows.
Liquidations accelerated during the move higher. Roughly $431 million of short positions were liquidated in the past 24 hours, including about $214.8 million in BTC short liquidations. Total crypto-market liquidations in that window reached approximately $610 million.
Despite the relief rally, analysts and traders warned the upside could be limited unless BTC decisively clears resistance. Firms including QCP Capital described the wider setup as fragile: the reopening of Hormuz is conditional, existing infrastructure damage remains, and upcoming macro and diplomatic catalysts could determine whether the bounce endures. Key near-term events named by market watchers include Fed minutes and US consumer price index data.
Technically, traders pointed to a supply zone between $72,000 and $76,000 as the critical test. Some technical strategists flagged a possible bearish flag pattern on the daily chart that could cap gains. One trader said bulls still have significant work to do and cautioned against euphoric positioning until price confirms a sustained breakout above the supply zone. Another analyst noted that a high-timeframe close above $76,000 would boost the odds of a run toward $86,000–$90,000, while rejection there could reopen a slide toward sub-$60,000 levels. Other participants suggested price could revisit longer-term metrics such as the 200-week moving average and the realized price, levels that have historically marked deeper corrective lows.
In short, Tuesday’s ceasefire headlines produced a sharp rebound and large short squeezes, but traders say confirmation of a trend change will depend on price action through the $72,000–$76,000 zone and on whether upcoming geopolitical and macro developments sustain risk appetite.
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