Bitcoin Price Prediction: BTC Hits Three-Week High As US-Iran Ceasefire Lifts Risk Assets

BTC trades at $71,879 on April 8, pulling back slightly from a three-week high of $72,738 after the US and Iran agreed to a two-week ceasefire. All four EMAs still slope downward overhead, with the 20-day at $69,070 the only one reclaimed so far.

BTC broke above the 20-day EMA at $69,070 and the 50-day EMA at $70,502 on today’s spike, but the 100-day at $75,587 and the 200-day at $83,862 remain well above price. The Bull Market Support Band sits between $79,289 and $79,673, marking the zone where this downtrend would need to reclaim before the daily structure turns bullish.

The rally from the February low near $54,000 has built a series of higher lows through March, but each push higher has stalled before reaching the next EMA. Today’s candle tested $72,113 intraday before fading. A close above the 50-day at $70,502 would be the first sustained EMA reclaim since January, but the real test is the 100-day at $75,587, roughly 5% above current price.

Key levels for BTC

President Trump to suspend bombing on Iran for two weeks, pushing crude oil lower and sending risk assets sharply higher. BTC spiked 4.9% to $72,738 before settling near $71,879. Ether jumped as much as 7.4% to $2,273 on the same move.

The rally aligns with a shift in ETF flows. Spot Bitcoin ETFs drew $471.3M in net inflows on Monday, building on $22.3M the prior week. That reverses nearly $300M in outflows from the week before. March recorded roughly $1.3B in total net inflows, stabilizing after four straight months of outflows that started in November 2025. Institutional selling pressure is easing, but conviction buying has not returned at scale.

Volume jumped 45.88% to $81.57B while OI climbed 5.18% to $51.40B. Fresh money is entering on the back of the ceasefire spike. Options volume exploded 72.16% to $6.21B, with options OI up 4.50% to $34.17B.

The 24-hour long/short ratio sits at 1.0717, leaning slightly long. Over 24 hours, shorts lost $215.08M in liquidations against just $30.58M for longs. That 7-to-1 ratio confirms the ceasefire move was a genuine short squeeze. The 12-hour data tells the same story, with $203.35M in short liquidations versus $11.58M for longs. Sellers got caught badly on this one, and OI at $51.40B still has room to grow compared to the $80B+ peaks from late 2024.