Bitcoin fell to $70,981 on Thursday, as the two-week U.S.-Iran ceasefire that triggered Tuesday’s broad market rally began showing serious cracks less than 48 hours after it was announced. Iranian Parliament Speaker Mohammad Bagher Ghalibaf said Wednesday evening that three clauses of the ceasefire proposal had been contravened, without specifying which. The Strait of Hormuz — the reopening of which was the centerpiece condition of the deal — remained effectively closed to normal commercial tanker traffic. Brent crude rebounded roughly 2% to approximately $97, reversing a portion of the more-than-10% single-day collapse on Wednesday that had been the commodity’s worst drop in six years.
Bitcoin’s move was comparatively muted: down 0.5% over 24 hours, still up 6.1% on the week, and holding within the months-long $65,000–$73,000 trading range it has occupied since the conflict began. The altcoin market felt more pain. Ether fell 2.6% to $2,180 after leading the ceasefire rally with a 5.2% weekly gain. Solana’s SOL dropped 3.1% to $81.96. XRP lost 3% to $1.33, and dogecoin slid 3.4% to $0.091. The MSCI Asia Pacific Index fell 0.9%, reversing a portion of Wednesday’s surge that had been the index’s best single day in a year.
This story is an excerpt from the Unchained Daily newsletter.
Subscribe here to get these updates in your email for free
QCP Capital had flagged the risk Wednesday, writing that the ceasefire was “a pause rather than a durable settlement, with the ceasefire conditional on how Iran manages passage through Hormuz over the coming weeks.” That caution proved warranted. The firm also noted that the “physical damage narrative has not gone away” — a reference to the significant energy infrastructure damage sustained by the U.S., Israel, and Iran over five weeks of conflict, which analysts say could keep oil near $100 regardless of any diplomatic agreement.
The macro backdrop adds an additional headwind. Global risk assets face what some analysts are calling “uncoordinated tightening” as major central banks hold rates higher for longer, reinforcing downward pressure on speculative assets. Bitcoin’s net position remains positive on the week, but the path to a sustained breakout above $73,000 — the ceiling of the conflict-era range — depends heavily on whether the ceasefire holds long enough for energy markets to stabilize and diplomatic talks to make meaningful progress at the weekend session in Islamabad.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Crypto Whale "First set 10 big goals" Opens 800 BTC Long Position at $77,686
Gate News message, April 27 — Crypto whale "First set 10 big goals" posted on social media today, revealing a long position of approximately 800 BTC opened at $77,686 per coin.
The on-chain data from the whale's transaction demonstrates continued bullish sentiment among major traders at current price
GateNews6m ago
BlackRock Bitcoin ETF IBIT Posts $983M Net Inflows in Past Week, Marking 6-Month High
Gate News message, April 27 — According to CryptoQuant data, BlackRock's Bitcoin ETF IBIT recorded net inflows of $983 million over the past week, marking the highest level in the past six months.
Driven by inflows into IBIT and other spot Bitcoin ETFs, BTC has shown strong performance, with
GateNews37m ago
Bitcoin's Current Rally Driven by Futures Demand, Spot Demand Yet to Recover: CryptoQuant CEO
Gate News message, April 27 — According to CryptoQuant CEO Ki Young Ju, Bitcoin's current rally is primarily driven by futures market demand rather than spot demand recovery. Open interest has risen and ETF inflows continue alongside buying from Strategy, yet on-chain apparent demand remains net
GateNews49m ago
Hyperliquid Whale Faces Liquidation at $80,929 as $13.8M BTC Short Position Underwater 54%
Gate News message, April 27 — A major whale on the decentralized derivatives platform Hyperliquid is facing imminent liquidation, with its $13.8 million short position in Bitcoin now underwater 54%. The address 0xbac2d8e1e3ef8cba378564667be59a2e2d8ed897, holding approximately 175 BTC, opened a 40x l
GateNews1h ago
Bitcoin Liquidation Levels: $19.03B Long Liquidations if BTC Falls Below $75,188
Gate News message, April 27 — According to Coinglass data, if Bitcoin falls below $75,188, cumulative long liquidations on major centralized exchanges would reach $19.03 billion.
Conversely, if BTC breaks above $82,640, cumulative short liquidations on major CEXs would reach $11.88 billion.
GateNews1h ago
Wong Li-Cheng BTC long position is in profit by over $2.7 million, with gains reaching $4.26 million over the past week
According to data monitored by Hyperinsight on April 27, 2026, after crypto trader Huang Licheng (Maji Big Brother) broke above $79,000 in Bitcoin (BTC) this morning, his series of long positions combined are showing an unrealized gain of more than $2.7 million, with his total open position size rising to $86.18 million. His cumulative profits over the past week have reached $4.26 million. As of the time this report was published, the two leveraged positions and their liquidation lines are maintaining a certain safe distance.
MarketWhisper1h ago
