Bitcoin prices today soared to last week’s high of $69,509 following reports of a possible 45-day ceasefire between the US and Iran. Major altcoins also rose due to the recovery. Ethereum, XRP, Solana, and Dogecoin are all up 3-5%.
Despite this 45-day ceasefire, all eyes are on President Trump’s six-day deadline, which ends on April 7th.
45-day ceasefire talks between US and Iran
Multiple U.S., Israeli and regional sources have suggested the U.S. and Iranian governments are discussing a 45-day ceasefire, which could open the door to a long-term agreement.
The proposed transaction consists of two phases. The first step is a 45-day pause to allow negotiations. The second stage aims to bring about a permanent end to the conflict. Key topics on the agenda include reopening the Strait of Hormuz, addressing Iran’s uranium stockpile, and discussing compensation for conflict-related losses.
President Trump said last week that the United States was in close negotiations with Iran and hoped to reach an agreement by the deadline.
President Trump has warned that failure to reach a deal could lead to U.S. attacks and retaliation targeting energy facilities in the Gulf.
President Trump’s repeated deadlines and delays
President Trump has set a new ultimatum for Iran, set for April 7 at 8 p.m. ET, demanding that Iran reopen the strategic Strait of Hormuz or face possible military action.
This latest deadline continues the pattern of goal changes. First, President Trump gave Iran 48 hours on March 21, then extended it for five days on March 23, 10 days on March 26, reset to 48 hours again on April 4, and most recently extended it to 8 p.m. ET on April 7.
But experts say the chances of reaching an agreement by the deadline remain extremely low.
Bitcoin price focuses on $75,000
Bitcoin quickly rose 4% on the news, rising from $66,000 to $69,509. In the past 24 hours, the cryptocurrency market has seen $246.9 million in liquidations, with nearly $200 million liquidated from short positions alone.
Despite this recovery, Bitcoin remains within a broad consolidation range. Cryptocurrency trader Jere noted that Bitcoin is retesting the bearish flag, but the pattern is losing strength.
He highlighted the 200-week EMA as strong support, suggesting that Bitcoin could move sideways before a clearer trend emerges.
The chart shows that Bitcoin has recovered from its recent lows and is forming a short-term uptrend. Meanwhile, the main resistance lies between $72,000 and $75,000, where the previous breakdown level remains.
