Bitcoin Surges 4% On Ceasefire Hopes But This Resistance Stands In The Way

by | Apr 6, 2026 | General

Bitcoin (CRYPTO: BTC) climbed over 4% in 24 hours to nearly $70,000 after a Reuters report suggested a U.S.-Iran ceasefire plan could come into effect Monday, potentially reopening the Strait of Hormuz.

The Ceasefire Catalyst

The risk-on move lifted sentiment across crypto markets. XRP (CRYPTO: XRP) added 4%, while Ethereum (CRYPTO: ETH) jumped over 5% and Solana (CRYPTO: SOL) gained 3%. 

The ceasefire push is being described as a last-ditch effort to prevent the “massive strikes on Iranian civilian infrastructure” President Trump threatened over the weekend. 

OPEC agreed to increase oil output quotas by 206,000 barrels per day for May, a symbolic effort to relieve energy market stress.

However, recent ceasefire headlines citing unidentified sources have proven unreliable, often being debunked or rejected by Iran. 

If that pattern repeats, markets could quickly reverse. Another key question is whether any U.S.-Iran ceasefire would be binding on Israel—if not, the risk-on sentiment may prove short-lived.

The ETF Reversal

Bitcoin spot ETFs recorded a net inflow of $8.99 million on April 2—small, but a meaningful reversal after the brutal $173.73 million outflow on April 1. 

BlackRock’s IBIT (NASDAQ:IBIT) led with $3.04 million and Fidelity’s FBTC (BATS:FBTC) added $7.29 million.

Total net assets sit at $86.22 billion, and cumulative inflows have reached $55.96 billion. 

All major ETFs showed green daily changes of 3-3.5%, signaling institutional money isn’t running but watching carefully.

The Technical Setup

Bitcoin is sitting right at the lower boundary of the rising wedge around $68,500.

The 20 EMA at $68,480 is acting as same-day support—a close below both would be technically damaging.

The Parabolic SAR at $70,723 and 50 EMA at $70,401 form a tight resistance cluster overhead that has rejected price twice in the past week. 

Bulls need to punch through this zone decisively.

Key support sits at $68,480 (20 EMA) with $65,000 below that. 

Resistance clusters at $70,401-$70,723, then $75,745 (100 EMA), then $80,000. One strong daily close above $70,750 changes the short-term tone completely.

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