I just saw that Bitcoin made an interesting jump this weekend, recovering to $69,000 as people returned from Easter. The move was quite clean, almost 3% up, mainly due to news about possible ceasefire negotiations in Iran. When there is this kind of geopolitical calm, the cryptocurrency market tends to breathe a little.

What’s interesting is that they liquidated nearly $200 million in short positions during the move. There were many traders betting on the downside before the weekend, so when Bitcoin moved upward, they were forced to cover. Ethereum rose more strongly, around 3.7% to $2,130, and altcoins also joined in: Solana at $95, XRP at $1.45, Dogecoin at $0.11.

Now, looking at the cryptocurrency news in recent days, the sentiment was at its most bearish just before this rebound. Five negative posts for every four positive ones on social media. As always in crypto, when everyone is depressed, something happens and the market turns around. But here’s the detail: Bitcoin is still stuck in the $65,000 to $73,000 range it has maintained for weeks. If the ceasefire materializes, it could break upward. If it’s denied within 48 hours like so many other news, we go back to the same.

The total market capitalization surpassed $2.5 trillion in this rally. We’ll see if it has more substance than previous ones or if it’s just another technical move.