The price of Bitcoin pushed past $72,000 for the first time in 20 days after the US and Iran agreed to a two-week ceasefire.
“I agree to suspend the bombing and attack of Iran for a period of two weeks,” US President Donald Trump said in a Truth Social post on Tuesday, hours before his deadline for Iran to reopen the Strait of Hormuz or face military attacks on key infrastructure.
Iran’s Supreme National Security Council also said it accepted the ceasefire. Iranian Foreign Minister Abbas Araghchi said, “If attacks against Iran are halted, our Powerful Armed Forces will cease their defensive operations.”
“For a period of two weeks, safe passage through the Strait of Hormuz will be possible via coordination with Iran’s Armed Forces and with due consideration of technical limitations,” Araghchi said.
Crypto traders watch prices around geopolitical tensions closely
Bitcoin (BTC) climbed 2.6% in the hour following the announcement, reaching $72,339 at the time of publication, according to CoinMarketCap.
Crypto traders have historically seen geopolitical tensions as a headwind for prices, with any hints of easing often triggering quick relief rallies.
The ceasefire agreement also came hours after Trump renewed his threats against Iran.
“A whole civilization will die tonight, never to be brought back again. I don’t want that to happen, but it probably will,” Trump said in a post on Monday.
On April 1, Trump said the US could wrap up its military campaign in Iran within weeks, claiming the goal of eliminating Iran’s nuclear capabilities had been achieved.
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The last time Bitcoin traded above $72,000 was March 18, as sentiment continues to drag in the crypto market.
Analysts were tipping a near-term reversal
Bitcoin’s upward price move came just a day after MN Trading Capital founder Michael van de Poppe said that “the decision for direction isn’t that far away,” adding:
“Well, because it did reject at $70K again, and it’s having higher lows, with its recent higher low at $66.5K. This means that price is compressing and the markets are unsure which direction it wants to go.”
The Crypto Fear & Greed Index, which measures overall crypto market sentiment, posted an “extreme fear” score of 11 on Tuesday, signaling that investors are taking a cautious approach to the crypto market.
Some industry participants, such as veteran trader Peter Brandt, are not anticipating that Bitcoin will reach a new all-time high in 2026.
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