- Bitcoin trades above $70,700 as derivatives indicate the $80,000 calls are ruling on Deribit.
- BTC rebounded to near $72,900 on Wednesday as the US-Iran ceasefire eased pressure on oil.
- Analysts see the end of the depression, targeting $80,000 as a $75,000 break.
Bitcoin’s resumption above $70,000, with an intraday high of $72,900, has crypto enthusiasts in a happy mood. The cryptocurrency is hovering near $70,800 at the time of writing, from the high seen on Wednesday, but the bulls are doing well as new market signals point to a potential rally.
Traders bet on the next leg of Bitcoin
Bitcoin is in the best shape so far and has been struggling since its low at the end of January 2026. Bears are still on the hunt.
However, this week has a changing business outlook, boosted by the end of the US-Iran conflict and a major role in Bitcoin derivatives. Data shows that investors are looking for a potential rally to $80,000.
Lots of options from Deribit, the platform that controls the lion’s share of the global market of crypto options, shows that bets on prices rising up to $ 80,000 have increased.
Mobile betting on BTC rising beyond the $80k purchase price has hit $1.6 billion. This is a marked change from recent months where $60,000 puts, which represent bets on falling prices, are more difficult.
Chain data also supports the bullish trend, with Morgan Stanley’s ETF gaining more than $34 million.
Allyson Wallace, global head of ETFs at Morgan Stanley, said before the comments: “The demand, especially for value investors, has been very high. When we look at the industry level, this is a group of products that are not going away.”
Bitcoin price prediction
The crypto market started the week with all eyes on Bitcoin. Notably, BTC rose sharply near $72,900, hitting levels last seen since March 18. The rally saw buyers push back from lows near $67,700 on Tuesday night, April 7, amid news of ending the war between the US and Iran.
Investors encouraged by the prospect of lower oil prices helped BTC rally. With increasing concerns about inflation fading, further tightening of the stop could see Bitcoin prices break through $75,000. When that happens, the next goal will be $80,000 or more.
However, geopolitical threats remain amid the fragile ceasefire. If a new attack is launched and a hike is underway, rising oil prices could cause the risk to increase.
Signs of a breakdown in the ceasefire quickly emerged, with Iran’s parliament speaker, Mohammad Bagher Ghalibaf, accusing the US of violating the deal, citing Israel’s strikes on Lebanon, drone strikes, and uranium enrichment disputes.
President Donald Trump has maintained a tough stance, warning of escalation as a breach, while increased traffic in the Strait of Hormuz shows uncertainty over the stability of the deal.
“Bitcoin’s depression is ending, but it hasn’t changed,” CryptoQuant analysts said early Thursday. “The risk is still there… But for investors with a plan to recognize the cycle, the data shows that we are closer to the beginning of an opportunity than the end of one.”
Losses could bring BTC to support close to $65k, with $60k the necessary additional space.
