Bitcoin briefly pushed past $72,000 before settling back near the $70,800–$71,100 range on Wednesday, as a temporary US–Iran ceasefire sparked a cross-market repricing, cooling oil prices, easing bond yields, and lifting risk assets. Yet, the rally lost momentum, leaving the cryptocurrency confined within its familiar $70,000–$73,000 band amid fragile demand, inconsistent ETF flows, and uncertainty ahead of key US inflation data.
The recent resilience in crypto prices comes amid improving global risk sentiment following the US–Iran ceasefire agreement, though markets remain cautious as the situation around the Strait of Hormuz evolve. Analysts say the relief rally lacks strong follow-through, with broader indicators pointing to hesitation among investors.
Short Term
Riya Sehgal, Research Analyst at Delta Exchange, noted that Bitcoin’s move above $72,000 and the parallel rise in Ethereum were largely sentiment-driven. However, derivatives data and ETF flows indicate that sustained buying demand has yet to return. She highlighted that Bitcoin continues to find support in the $69,000–$70,000 range, keeping the short-term structure intact. A push toward $72,500–$74,000 remains possible if this support holds, while a drop below $68,000 could weaken the bullish outlook.
Vikram Subburaj, CEO of Giottus, described the market as “technically balanced,” with immediate support at $70,000 and a deeper cushion between $67,700 and $68,900. On the upside, resistance remains firm near $72,700–$73,000, with a broader supply zone extending toward $78,000–$79,000.
Selective Focus
Institutional flows see some uncertainty. Spot Bitcoin ETFs saw strong inflows of $471 million on April 6, followed by outflows exceeding $300 million over the next two sessions. While flows remain marginally positive overall, the inconsistency points to selective allocation rather than sustained accumulation.
Macro factors are now the primary drivers. Investors are closely watching the upcoming US CPI data on April 10, with expectations of 3.1 per cent year-on-year inflation. Elevated inflation could delay rate cuts, tightening liquidity conditions and limiting upside for risk assets, including cryptocurrencies.
Beyond Bitcoin, the broader crypto market remains under pressure. Ethereum is trading near $2,180 and facing resistance around $2,250, while other major tokens such as BNB, XRP, Solana, and Dogecoin have declined over the past 24 hours, reflecting weak overall risk appetite.
Published on April 9, 2026