- Bitcoin is trading at over $70,700 as derivatives data shows $80,000 of calls dominate Deribit.
- Bitcoin rebounded to nearly $72,900 on Wednesday as a ceasefire between the United States and Iran eased oil pressures.
- Analysts see the end of the squeeze cycle, targeting $80,000 if $75,000 is broken.
Bitcoin’s return to above $70,000, with intraday highs at $72,900, has cryptocurrency enthusiasts in an upbeat mood. The cryptocurrency is hovering near $70,800 as of writing, well off the highs seen on Wednesday, but bulls are optimistic as new market signals point to a potential breakout.
Traders are betting on Bitcoin’s next stop
Bitcoin is still far from its year-to-date highs and has been struggling since its low in late January 2026. So the bears are still in the hunt.
However, this week saw an upward shift in investor sentiment, driven by the US-Iran ceasefire and major activity in Bitcoin derivatives. Data indicates that investors are eyeing a potential rise to $80,000.
Options data From Deribit, the platform that accounts for the lion’s share of the global cryptocurrency options market, it shows an increase in bullish bets on prices rising to $80,000.
Call options betting on BTC rising beyond the $80,000 strike price have reached $1.6 billion. This is a stark reversal from recent months when $60,000, which defines bets on falling prices, dominated expectations.
On-chain data also supports the bullish case, with the Morgan Stanley ETF having debuted more than $34 million in volume.
Alison Wallace, global head of ETFs at Morgan Stanley, commented ahead of the launch: “Demand, especially from high-net-worth investors, has been very high. Given the caliber of the company, this is an asset class that is not going away.”
Bitcoin price forecast
The cryptocurrency market started the week with all eyes on Bitcoin. Notably, Bitcoin rebounded to highs near $72,900, reaching levels last seen since March 18. The rally pushed buyers off the lows near $67,700 overnight on Tuesday, April 7, amid news of… Ceasefire between the United States and Iran.
Investors, buoyed by the prospect of easing oil prices, helped BTC rise. As broader inflation concerns dissipate, further strengthening of the ceasefire could see Bitcoin prices fall to $75,000. If this happens, the next target will be $80,000 or higher.
However, geopolitical risks remain amid the prospect of a fragile ceasefire. If new attacks begin and escalation occurs, higher oil prices may lead to a decline in risk assets.
Signs of tension quickly emerged in the ceasefire, as Iranian Parliament Speaker Mohammad Baqer Qalibaf accused the United States of violating the agreement, citing continued Israeli strikes on Lebanon, a drone incursion, and disagreements over uranium enrichment.
President Donald Trump has maintained a tough stance, warning of escalation if conditions are violated, while limited traffic through the Strait of Hormuz highlights ongoing uncertainty over the continuity of the truce.
“Bitcoin’s stress cycle is ending, but it has not yet reversed,” CryptoQuant analysts noted early Thursday. “Risks are still there…but for investors with a cyclical-aware framework, the data suggests we are closer to the beginning of the opportunity than the end of the opportunity.”
Losses could see BTC support near $65,000, with the key $60,000 demand reload zone.
