Bitprice experienced a significant surge over the weekend, climbing from around $67,000 to a multi-day peak of $69,600, driven by reports of potential diplomatic progress between the United States and Iran. The primary cryptocurrency's market capitalization rose to $1.380 trillion, with its dominance over altcoins increasing to 56.5%.
The price action follows a volatile week where Bitcoin reacted to developments in the U.S.-Iran conflict, dropping to a monthly low of $65,000 before recovering. The latest catalyst was news from multiple U.S., Israeli, and regional sources indicating that Washington and Tehran are discussing a 45-day ceasefire. This proposed deal is structured in two stages: an initial 45-day pause to allow negotiations, followed by efforts toward a permanent conflict resolution. Key discussion points include reopening the strategic Strait of Hormuz, addressing Iran's uranium stockpile, and compensation for conflict-related losses.
However, geopolitical uncertainty remains high. Former President Donald Trump has set a new ultimatum for Iran, demanding Tehran reopen the Strait of Hormuz by April 7 at 8 PM Eastern Time or face potential military action. This continues a pattern of shifting deadlines, with Trump having previously given Iran a 48-hour deadline on March 21, extended it multiple times, and most recently reset it to April 7. Experts believe the chances of reaching a deal before this deadline remain "very unlikely."
The broader cryptocurrency market followed Bitcoin's lead, adding over $60 billion to its total capitalization, which now stands at $2.450 trillion. Ethereum reclaimed the $2,100 level with a 4% surge. Other major altcoins also saw gains: XRP neared $1.35 (up 3.5%), Cardano (ADA) jumped nearly 6% to overcome the $0.25 resistance, Solana (SOL) and Chainlink (LINK) traded in the green, while Avalanche (AVAX) rose 7% to $9.4.
Market analysts note that despite the recovery, Bitcoin remains in a broader consolidation range. Crypto trader Jelle observed that Bitcoin is retesting a bearish flag pattern, though the pattern is losing strength, with the 200-week EMA acting as strong support. The charts show Bitcoin recovering from recent lows and forming a short-term upward structure, with key resistance now lying between $72,000 and $75,000.
