When news of a ceasefire broke, Bitcoin had already bounced back to around $69,000. The main reason seems to be traders returning after Easter on Monday and buying back large amounts of shorts. It appears that the Iran 45-day ceasefire negotiations and easing concerns over the Strait of Hormuz contributed to this move.

With this movement, about $200 million worth of shorts were squeezed, but what's interesting is that the sentiment until last week was extremely bearish. The most bearish posts since the start of the war were prominent, and the ratio of negative to positive sentiment was 5 to 4. It's a common pattern in crypto markets— the most bearish times often trigger the sharpest rebounds.

Currently, Bitcoin has risen to $80.81K. Ethereum is at $2.33K, Solana at $94.76, and Ripple at $1.45. Overall, the rally has expanded, and the total market cap has exceeded $2.5 trillion. However, Bitcoin is still within the war range of $65,000 to $73,000; although it regained around $69,000, it hasn't broken through higher levels yet.

The next key resistance levels are $71,500 and $81,200. Whether this rally is genuine will likely depend on whether the 45-day ceasefire materializes or if new news emerges within a few days. In the short term, buying momentum is strong, but long-term, geopolitical risks haven't been fully resolved, so many traders are probably watching and waiting.