On April 8, 2026, Bitcoin surged to nearly $72,865 amid optimism from a ceasefire announcement, but the rally proved short-lived as traders engaged in profit-taking and focused on macroeconomic signals. The price retreated to $71,792.28, reflecting a cautious sentiment in the market despite leveraged bullish positions remaining near multi-year highs at 80,057 BTC. This indicates that while traders are optimistic, there is still significant uncertainty about the sustainability of the rally.
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Bitcoin Drops After Iran Ceasefire Fails to Sustain Rally
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Bitcoin's price fluctuated significantly following the announcement of a ceasefire between the U.S. and Iran, briefly reaching $72,865 but ultimately dropping back below $70,000 as market optimism faded. Key actors include the U.S., Iran, and cryptocurrency traders, with the most significant consequence being a $270 million short squeeze triggered by the initial rally.
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