Bitcoin Breaks $71,000—Ceasefire Bonus or Trend Reversal?

On the early morning of April 8, driven by news that the US and Iran reached a two-week temporary ceasefire agreement, Bitcoin broke through the $70,000 mark for the first time since March 25. It then briefly surged to $72,500. As of 9:00 a.m. on April 8, according to CoinGecko data, Bitcoin was $71,591.65, up 4% over 24 hours. Its circulating market cap was about $1.43 trillion, with a cumulative gain of approximately 5.08% over the past 7 days.

The driving force behind this rebound is quite clear. Early in the morning of April 8, Pakistani Prime Minister Shehbaz announced on social media that he had requested Trump to postpone the “deadline” by two weeks, and at the same time requested that Iran open the Strait of Hormuz for two weeks, with the ceasefire taking effect at 8:00 a.m. Beijing time. The Iranian Supreme National Security Council subsequently issued a statement saying it accepted the ceasefire proposal put forward by Pakistan. Once the news broke, oil prices fell sharply, while Bitcoin shot up in the opposite direction.

However, behind the $72,500 level lie critical technical warnings. Options market data shows that put options around the $60,000 strike and call options around the $80,000 strike have both accumulated about $1.4 billion in notional open interest, forming a “heavy defense” posture at both ends of the price range. This means that liquidity between $72,500 and $80,000 is relatively thin; once it breaks through, it may accelerate, but likewise, during a pullback there is also a lack of effective buffers.

From a derivatives perspective, in the past 24 hours the funding rate for perpetual contracts has only been 0.003% (every 8 hours), close to zero, and there has been no signal of excessive exuberance among longs. As for liquidation data, Coinglass shows that if Bitcoin breaks above $75,493, the main CEXs’ total short liquidation strength would reach $668 million; if it falls below $68,355, long liquidation strength would be as high as $1.453 billion. At the current price, it is positioned between these two liquidation-dense zones, and both bulls and bears are building up their “firepower.”

For traders, the key right now is not whether the question is “can it keep rising,” but whether $72,500 can become a new support. If it holds, the next target points to the short liquidation zone above $75,000; if it falls back below $70,000, the sustainability of the rebound will need to be reassessed.
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