The rise in Bitcoin and Ethereum prices is linked to the opening of new long positions in the perpetual futures market, according to analysts at CryptoQuant.

In the day following Donald Trump's announcement of a two-week ceasefire between the U.S. and Iran, Bitcoin gained about 4% while Ethereum rose by 6%. This marked the strongest daily movement in over a month, breaking a recent downward trend.

According to Julio Moreno, head of research at CryptoQuant, the primary driver of this growth was the derivatives market participants. Within 24 hours of the news, open interest (OI) for perpetual contracts on BTC and ETH increased by $2.1 billion and $2.2 billion, respectively. The dollar-denominated OI for both assets reached a nearly month-long high.

"The synchronized surge reflects positioning amid macro events: traders are anticipating an increased risk appetite. Importantly, the coin-denominated OI also saw a significant rise. This rules out short liquidations as the main cause and confirms the opening of net new longs," Moreno emphasized.

Buyers Are Back

At the same time, buying activity on futures platforms has increased. The Taker Buy Sell Ratio for both cryptocurrencies has surpassed one, indicating buyer dominance and confidence in further price increases.

"The coordinated bullish positioning in BTC and ETH confirms that the market is pricing in a sustainable improvement in macro conditions at least in the short term," the expert added.

Demand from U.S. investors has also rebounded. The Coinbase premium index for both coins has moved into positive territory after several weeks of being negative. Moreno believes that if the ceasefire holds, it will support the trend and strengthen the upward momentum.

Bitcoin prices have already surpassed a key level of around $69,400—the lower realized price for traders that had acted as a resistance zone for several weeks.

If the asset maintains this level and the geopolitical situation does not worsen, the next target will be around $79,000, analysts noted. Historically, this threshold has been a resistance zone for bear markets and a "major obstacle for structural recovery."

Several metrics have indicated a potential trend reversal for the leading cryptocurrency.