On April 8, the price of Bitcoin surged by 4.3%, breaking the $71,000 mark. At the time of writing, the asset is trading around $71,600.

Hourly chart of BTC/USDT on Binance. Source: TradingView.

Following Bitcoin's lead, the rest of the market also rallied. Ethereum's price increased by 6.3% in a day, reaching $2,200 for the first time since mid-March.

Hourly chart of ETH/USDT on Binance. Source: TradingView.

Among the top 10 cryptocurrencies by market capitalization, Hyperliquid stood out with a 7.8% gain over 24 hours, followed by XRP (+5.5%) and Solana (+5.8%). The total market capitalization rose by 4.15% to $2.45 trillion.

Source: CoinMarketCap.

The daily liquidation volume exceeded $597 million, with most losses coming from short positions, totaling $428.9 million.

Source: CoinGlass.

A popular market sentiment indicator has slightly recovered from 11 to 17 points, although it remains in the extreme fear zone.

Source: Alternative.me.

Source of Optimism

The increase in risk appetite is attributed to a temporary ceasefire between the US and Iran. US President Donald Trump announced that both parties have agreed to a two-week truce.

🚨 President Donald J. Trump makes a statement on Iran: pic.twitter.com/9mqTayL0Q3

— The White House (@WhiteHouse) April 7, 2026

“The reason for the ceasefire is that we have completed and exceeded all military objectives. We are now at an advanced stage of developing a long-term peace agreement with Iran. Iran has put forward 10 conditions, which we consider an acceptable basis for dialogue,” he wrote.

Trump also released an official statement from Iran, which guarantees safe passage through the Strait of Hormuz. Previously, the blockade of this strategic route caused sharp fluctuations in oil prices and disrupted global energy supplies.

Brent crude oil fell by 15% to $92 per barrel. WTI futures followed suit, dropping by 16% to $94.7. Before the ceasefire, oil was trading above $100.

Despite the significant rise in the crypto market, analysts are uncertain whether the two-week truce will serve as a foundation for a broader trend shift.

“Uncertainty regarding the fulfillment of conditions, the threat of renewed escalation, and macroeconomic pressures could limit growth as investor sentiment shifts,” noted LVRG director Nick Rack.

Analyst Dominic John from Zeus Research added that a sustainable rally will depend on stable macro conditions and structural capital inflows into the sector.

In April, Coin Bureau head Nick Pakrin described the level of Bitcoin below $68,000 as "dangerous." He stated that at this level, a significant negative gamma has accumulated in the options market, which could drive the price down to $60,000.