The cryptocurrency market has staged a rebound, turning broadly positive after a notable surge in capital inflows that lifted overall sentiment.
By press time, the total crypto market capitalization had climbed to $2.37 trillion, up from $2.27 trillion over the past 24 hours, marking a $100 billion increase.
Leading assets posted notable gains, with Bitcoin (BTC) rising 3.32% to trade around $69,090 while maintaining a dominant market cap of approximately $1.4 trillion.
Ethereum (ETH) outperformed among large-cap assets, climbing 4.75% to about $2,134.
Among other major cryptocurrencies, XRP advanced 3.61% to $1.34, while BNB posted a 2.20% gain to trade near $603.
Bitcoin turns into profits
At the same time, on-chain data from Santiment shows Bitcoin ended the weekend with nearly three profitable transactions for every one at a loss, a 2.95:1 ratio, the highest level in 12 weeks. Such spikes in realized gains have often preceded short-term pullbacks as investors take profits.
The broader bullish move was primarily driven by reports of ongoing discussions between the U.S., Iran, and regional mediators over a potential 45-day ceasefire, raising hopes of de-escalation and easing geopolitical pressure on risk assets.
Optimism was further bolstered by anticipation of President Donald Trump’s scheduled press conference, which lifted sentiment across equities and cryptocurrency markets.
Lower oil price pressure and improving macro sentiment spilled over into cryptocurrency, triggering a relief rally that was further amplified by a wave of short liquidations.
Crypto market short squeeze
The rebound also sparked a classic short squeeze, with short liquidations significantly outpacing longs as bearish positions were forced to cover. Momentum was further boosted by traders returning from the Easter break, helping push Bitcoin to its highest level in over a week.
Across crypto markets, $273.8 million in positions were liquidated over 24 hours, impacting more than 81,800 traders. Shorts took the largest hit, with $196.7 million wiped out compared to $77.1 million in longs, a near 3:1 imbalance. The largest single liquidation was a $10.17 million ETH-USDT short on Binance.
This imbalance left the market vulnerable to volatility after Bitcoin hit a weekend low near $66,600.
Meanwhile, analysts have noted that the crypto market had been in an oversold condition amid prolonged uncertainty from the US-Iran conflict, which had earlier driven oil prices higher and created risk-off pressure.
Overall, the ceasefire developments have provided a timely catalyst for a technical rebound with Bitcoin now targeting the $70,000 spot.
