Bitcoin (BTC) is up 3% on April 6 and trading back near $70,000 amid hopes that the U.S. and Iran are close to reaching a ceasefire.
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BTC is currently trading at $69,500.00 as traders and investors cheer media reports of a potential de-escalation in the Iran war. Specifically, reports say that the U.S. and Iran are discussing a potential 45-day ceasefire, which has financial markets up on the day.
The same reports say that officials from Pakistan are brokering what’s being called the “Islamabad Accord” between the U.S., Israel, and Iran. There is growing confidence that hostilities in the Middle East will ease and that crude shipments will resume in the Strait of Hormuz waterway near Iran.
Other Crypto Rallies Too
Bitcoin isn’t the only cryptocurrency rallying on hopes for a Middle East ceasefire. Ethereum’s (ETH) price is up 4% and trading at $2,150 while many smaller cryptocurrencies are up 3% to 4% on April 6. A potential ceasefire is welcome news for financial markets as oil prices remain above $110 a barrel.
Analysts say any ceasefire with Iran is likely to lead to a big relief rally in financial markets that could further benefit risk assets such as cryptocurrencies. That would be especially positive for Bitcoin, which has fallen from an all-time high of $126,000 reached last autumn.
BTC’s Three-Month Performance
The chart below shows that Bitcoin has struggled in recent months and declined 26% in the last 12 weeks as the selloff in cryptocurrencies that began in October 2025 continues.
