Bitcoin price today surged back to its last week’s high price of $69,509 after reports of a possible 45-day ceasefire between the U.S. and Iran. The recovery also pushed major altcoins up. Ethereum, XRP, Solana, and Dogecoin are all up by 3% to 5%.
Despite this 45-day ceasefire, all eyes are on Trump’s 6-day deadline, which is going to end on 7th April.
Multiple U.S., Israeli, and regional sources indicated that Washington and Tehran are discussing a 45-day ceasefire, which could open the door for a longer-term agreement.
The proposed deal is structured in two stages. The first step is a 45-day pause to allow negotiations. The second step aims for a permanent end to the conflict. Key topics include reopening the Strait of Hormuz, addressing Iran’s uranium stockpile, and discussing compensation for conflict-related losses.
Last week, Trump said the U.S. is in deep negotiations with Iran and expects a deal before the deadline.
Trump warned that failure to reach a deal could trigger U.S. strikes and retaliation targeting Gulf energy facilities.
Trump has now set a new ultimatum for Iran of 7th April at 8 PM Eastern Time, demanding Tehran reopen the strategic Strait of Hormuz or face potential military action.
This latest deadline continues a pattern of shifting targets. First, Trump gave Iran 48 hours on March 21, then extended it by five days on March 23, pushed it back by ten days on March 26, reset it to 48 hours again on April 4, and most recently postponed it to April 7 at 8 PM ET.
However, experts believe that the chances of reaching a deal before the deadline remain very unlikely.
Following this news, Bitcoin quickly jumped 4%, rising from $66,000 to $69,509. In the past 24 hours, the crypto market saw $246.9 million in liquidations, with nearly $200 million from short positions alone.
Despite this recovery, Bitcoin remains in a broader consolidation range. Crypto trader Jelle noted that Bitcoin is retesting a bearish flag, though the pattern is losing strength.
He highlighted the 200-week EMA as strong support, suggesting Bitcoin could move sideways before a clearer trend emerges..
The charts show Bitcoin recovering from recent lows, forming a short-term upward structure. Meanwhile, key resistance lies between $72,000 and $75,000, where previous breakdown levels remain.
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