Bitcoin has climbed close to $83,000, its highest since January 31, as the overall crypto market rose about 2% to $2.73 trillion. Oil prices tumbled 12% below $90 a barrel after Iran's Islamic Revolutionary Guard Corps confirmed safe passage through the Strait of Hormuz.
US-Iran Talks Fuel Rally
Over the past week, Bitcoin rallied from around $75,000 to nearly $83,000, driven by growing optimism over a potential US-Iran peace deal. Reports indicate the two sides are close to finalizing a 14-point agreement that could end hostilities within 48 hours. Under the proposed deal, Iran would halt uranium enrichment and allow UN inspections, while the US could ease sanctions and release frozen assets. This progress has also eased fears about oil supply disruptions.
CME Futures Show Rising Activity
CryptoQuant data shows CME Bitcoin futures open interest has recovered to 110,000–120,000 contracts, compared to lows near 20,000–30,000 during February's correction. Bitcoin rebounded from the $65,000–$70,000 range to above $80,000 alongside rising futures activity. CoinGlass reports 125,567 traders liquidated in the past 24 hours, totaling about $557.95 million. Shorts accounted for nearly 80% of those liquidations ($444 million).
Why $93K Is the Next Target
According to CryptoQuant researchers, the next major upside target for Bitcoin is around $93,000, tied to a key CME gap. CME Bitcoin futures trade only on weekdays, while spot markets operate 24/7, creating price gaps between Friday's close and Monday's open. Historically, Bitcoin tends to fill these gaps over time. The previous gap was already filled during the recent rally; the next unfilled gap sits near $93,000, making it a closely watched level.
Analysts caution that market sentiment remains highly sensitive to geopolitical developments. Any negative headlines or breakdown in US-Iran negotiations could quickly reverse the bullish outlook.