BTC climbs past $69,000 on ceasefire hopes while bearish positions unwind rapidly

Crypto markets opened the week on a stronger footing after reports suggested the U.S. and Iran are բանակցating a potential 45-day ceasefire, boosting risk appetite and triggering a sharp wave of short liquidations. In the past 12 hours, bearish positions were unwound at nearly three times the pace of long liquidations.

Bitcoin rose 3% to $69,120, its highest level in over a week, as traders returned from the Easter break to renewed geopolitical optimism. The move forced roughly $196 million in short positions to be liquidated over the past 24 hours, underscoring how heavily the market had leaned bearish.

Major altcoins followed Bitcoin higher. Ether led the advance with a 3.7% jump to $2,130, marking its strongest daily gain in the past week. Solana climbed 2% to $82, XRP added 2.2% to $1.34, and Dogecoin increased 1.7% to $0.093. The broad rally pushed total crypto market capitalization back above $2.5 trillion.

The catalyst behind the move was an Axios report indicating that the U.S., Iran, and regional intermediaries are discussing terms for a temporary ceasefire that could eventually evolve into a more permanent resolution to the six-week conflict.

Liquidation data reveals the extent of bearish positioning heading into the weekend. Of the $273.8 million in total liquidations across more than 81,000 traders, $196.7 million came from short positions, compared to $77.1 million from longs. The largest single wipeout was a $10.17 million ETH-USDT short on Binance.

Bitcoin saw heightened volatility, trading within a $2,700 range between $66,634 and $69,350 over the past 24 hours—price action that amplified the squeeze on overleveraged short sellers.

Sentiment indicators from Santiment pointed to a contrarian setup. Over the weekend, social media sentiment turned sharply negative, reaching its most bearish level since the conflict began, with negative posts outnumbering positive ones five to four. As often seen in crypto markets, extreme pessimism set the stage for a rebound.

Even with the latest gains, Bitcoin remains within its established five-week range between $65,000 and $73,000. Resistance levels at $71,500 and $81,200—linked to Lower Band and Trader On-chain Realized Price metrics—stand as the next key hurdles if bullish momentum continues.

Whether this rally has staying power will depend on the outcome of ceasefire negotiations. If talks translate into a concrete agreement, the market could extend gains; if not, the move risks fading like previous headline-driven rallies.