The Bitcoin (Crypto:BTC) soared 5% after the White House announced a two-week ceasefire between the United States and Iran, but ETFs posted a loss of $159 million on April 7.
The ceasefire rally
Bitcoin briefly reached $71,700 on Wednesday morning, marking its highest point since March 18.
L’Ethereum (Crypto: ETH) recorded a 6% rise to $2,238, the XRP (Crypto: XRP) a progressé de 3,5 % à 1,37 dollar et Solana (Crypto: SOL) a gagné 6,5 % pour s’établir à 84,81 dollars.
This sharp rise in prices coincided with President Trump’s announcement that the United States and Iran have agreed to a “bilateral ceasefire” for a period of two weeks.
Trump had previously warned that there would be a “complete demolition” of Iran’s power plants and bridges if it did not reopen the Strait of Hormuz by Tuesday.
“The reason for [cessez-le-feu] is that we have already met and exceeded all military objectives, and we are well advanced in signing a definitive agreement on long-term peace with Iran,” Trump wrote.
Iran has confirmed it will allow safe passage through the Strait of Hormuz.
The closure of the world’s most important oil gateway had caused extreme volatility in crude oil prices and disruptions in the global supply chain.
The ETF exodus
On April 7, despite the price rally, $159.05 million was recorded in net outflows.
BlackRock’s IBIT fund (NASDAQ:IBIT) lost $17.11 million, FBTC de Fidelity (BATS:FBTC) lost 47.85 million, and Grayscale recorded an outflow of $41.89 million. Only Valkyrie’s BRRR fund saw a modest inflow of $2.32 million.
Total net assets fell to $88.71 billion. Institutional money has not yet chased this rebound.
Key BTC Levels for April 8
Bitcoin is trading around $71,600 after climbing towards $73,000 and then being rejected.
The 4-hour chart shows a long upper wick, a classic bull trap pattern with strong momentum but no follow-through.
The price has broken the rising rising wedge and is now holding above the four EMAs on the 4h chart. All four are clustered between $68,500 and $69,500, creating a support zone.Â
This is the first time in months that all EMAs are below price.
The bull market support band lies between $79,289 and $79,673, almost $8,000 above the current price. Bitcoin must recover this level to confirm a true trend reversal.
Key support is $69,177 (200 EMA), then $68,500, then $66,000. Resistance is grouped at $73,000, then $75,000, then $79,289 (Bull Market Support Band).
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