What Was the Real Reason Behind the Recent Bitcoin (BTC) and Ethereum (ETH) Rise? Analysis Company Lists the Reasons!

Bitcoin (BTC) and altcoins surged this week following news of a ceasefire between the US and Iran. While BTC was rejected for the third time at $73,000, a CryptoQuant analyst analyzed the reasons behind the recent surge.

CryptoQuant senior analyst Julio Moreno stated that the recent price increase in Bitcoin (BTC) and Ethereum (ETH) was not solely due to the liquidation of short positions.

Moreno stated that the rise was supported not only by short liquidation but also by investors actively opening new long positions.

A CryptoQuant analyst noted that following the US-Iran ceasefire announcement, open positions in BTC and ETH perpetual futures each increased by over $2 billion in 24 hours, indicating a new upward trend.

“The simultaneous increase in these two major assets, Bitcoin and Ethereum, reflects positioning based on macroeconomic events.”

Investors are ahead of the expected improvement in overall risk perception. More importantly, open positions have increased significantly for both assets. This confirms that the liquidation of short positions is not the primary factor and that investors are opening net new long positions.”

Furthermore, the market buy-ask ratio for both BTC and ETH rose above 1, indicating that buying pressure was dominant.

The Coinbase Premium Index, a reflection of US demand, also moved positively for both assets. This means that demand from US investors is also increasing.

At this point, the analyst concluded that as long as the ceasefire remains in place, demand from the US will continue to support higher prices.

“If the ceasefire holds and no news emerges that could escalate tensions in the next two weeks, Coinbase premium could remain in positive territory and strengthen the bullish price trend.”

Finally, Moreno stated that if Bitcoin remains above approximately $69,400, a level that has acted as resistance for several weeks and is known by investors as its lowest recorded price, and if there are no escalating developments from the US-Iran front, the next major target is $79,000.

*This is not investment advice.

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