Bitcoin prices tapped $72,380 in early trading in Asia on Wednesday morning, its highest level since March 18, three weeks ago.

However, it has still not broken out of a two-month-long rangebound channel, so gains are likely to be short-term.

The move followed an announcement by US President Trump for a two-week ceasefire with Iran, subject to the reopening of the Strait of Hormuz. Iran accepted the proposal, and it has been approved by the country’s new Supreme Leader, Mojtaba Khamenei, according to reports.

Crypto, precious metals, and Asian stock markets pumped while oil prices have tanked, with WTI and Brent crude falling around 15% to $96 per barrel, easing inflationary pressures slightly.

Where Next For $BTC?

“The possibility of a bull market depends on how oil and gas supply will recover in the coming months and its impact on inflation,” Jeff Mei, COO at the BTSE exchange, told CryptoPotato.

“If inflation falls enough and the Fed decides to resume rate cuts again, a rally in crypto prices could occur. Even if the Fed doesn’t cut rates and growth and employment continue to reflect a strengthening economy, crypto markets could also rally.”

Santiment reported that its social sentiment data “signals that the crowd is optimistic that this news is the catalyst for this conflict reaching its conclusion.”

?? BREAKING: A 2-week ceasefire has been agreed to between the US, Iran, and Israel, marking an extension to the highly anticipated deadline for Iran to open the critical Strait of Hormuz, the passage that handles roughly one-fifth of global oil flows.

?? Although this is not… pic.twitter.com/xd3OvKMrAV

— Santiment (@santimentfeed) April 8, 2026

Analyst ‘Sykodelic’ said that $BTChas reclaimed a very short-term trend, closing above the 50-day exponential moving average. “This is a sign of strength and confirms that the price wants higher,” they said.

“The market’s reaction is very telling,” commented the Kobeissi Letter.

“The reality is that in the background of the Iran War’s headlines and volatility, the AI Revolution has been rapidly expanding and inflation expectations have risen.”

RealVision’s chief analyst Jamie Coutts said it was a bullish move after two months of consolidation near the lows, but said he was still cautious on the months ahead.

“In the short term, my trend system should print a buy signal tomorrow. However, for anyone who is allocating for the medium to long term, the weekly tells us when $BTCis out of the woods.”

Bitcoin had retreated to $71,450 at the time of writing, but was still up 4.3% on the day.

Elsewhere on Crypto Markets

Ether prices also got a boost from the ceasefire news, gaining around 6% to reach $2,250 before a minor retreat. ETH remains rangebound, however, with heavy resistance at this level.

Some of the altcoins also gained, but not all of them. Larger increases were seen for XRP, Solana, Dogecoin, Cardano, Hyperliquid, and Chainlink, while Zcash surged 28%.

Meanwhile, Tron and Canton declined on the day. Total market capitalization was at $2.52 trillion on Wednesday morning, its highest level for three weeks.

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